US gas prices are up $.50 from last week -- how high do experts expect them to go?

Kristen Walters

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Americans across the country were shocked as they watched the cost of gas has soared this week. Currently, the national average price per gallon of gas hovers around $4.07, an increase of nearly fifty cents from last week.

We are moving dangerously close to the all-time record high level of $4.11 per gallon that was set in 2008. In fact, some economic analysts believe that we could break that record by the end of the week. The recent rise in gas prices has been brutal on everyone, from truckers to commuters, but low-income families and those on a fixed income have been especially hit hard.

With the price of everything going up, many people wonder how they will make ends meet. However, a recent study showed that approximately 64% of Americans already live paycheck to paycheck.

Therefore, a significant question that is looming in the minds of many Americans is, "how high will gas prices go?" Many are legitimately concerned that they may not be able to afford to keep filling their gas tank if prices continue to surge.

Unfortunately, many analysts believe that the price of gas will continue to rise amid fears and uncertainly caused by the recent sanctions placed on Russia. Since Russia is the world's third-largest supplier of oil, potential disruptions in the supply chain are causing real fears in the market, which is causing the prices to surge at the pump day after day.

Late last month, economic analyst Dan Dicker predicted that we could potentially see national averages of $7 a gallon if the situation with Russia did not calm down. Unfortunately, since that time, the situation has escalated. Some cities in California are already reporting gas prices that have reached $7.59 per gallon.

While California tends to have higher gas prices than the national average due to taxes, it is not outside the realm of possibility that the rest of the nation could soon reach $7 levels if oil prices continue to climb.

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