$6.00 Per Gallon!! WTH!?
Planning to hit the road this summer? Keep your eye on the AAA's fuel gauge report at AAA.com, which takes the daily temperature of gas prices around the nation.
The national average today for regular gas is $3.85 a gallon -- up 99 cents from a year ago. That's a 35% increase, and it shows no signs of slowing. There are six states in which gas has already topped $4 a gallon, and Hawaii has the highest prices at $4.53 on average.
Now some experts wonder whether gas prices could reach $6 a gallon. Ridiculous? Not when you think about the perfect storm of factors pushing pump prices ever higher.
The U.S. Dollar is falling and investors are looking to other places to earn higher interest on their money. That means $1 won't buy as much gas as in the past. Commodities are priced in dollars, and are coming at a discount on the foreign markets.
The demand is rising due to some economies are strenghtening across the world, people are being put back to work. They need more gas to get there, so demand is growing in strengthening economies.
With all of those factors have led one economist for Global Hunter Securities, Richard Hastings believes that $6 a gallon for gas is a real possibility. All you need now are a couple of damaging hurricanes in the wrong place, and "prices could go up in a quasi-exponential manner."