LeftLaneNews

Could gas hit $5 per gallon this year?

Some analysts are calling for gas prices to top $5 this year.

Fuel prices in the United States have been relatively stable since topping $4 per gallon back in 2008, but some analysts are predicting that gas price could hit the $5 mark during 2012.

Although still pure speculation at this point, some within the industry are warning that conflicts with Iran could push gas prices as high as $5 per gallon. The U.S. Recently levied penalties against the oil producing nation, and similar sanctions are currently being considered by European countries.

"We certainly have enough issues going on in the world and in this country that it could certainly be higher," said Pete Horrigan, a member of the Mid-Atlantic Petroleum Distributors' Association. "We've been fortunate in this country because in European countries, they've been paying a lot more than that for a long time."

The average price for a gallon of gas in the United States is currently $3.25, which is up from $3.07 during the same period last year. Despite that upward trend, the Department of Energy predicts that oil prices will remain relatively flat at $98 per barrel this year, but a conflict with Iran would certainly throw that prediction out the window.

References
1.'$5 Dollar a Gallon...' view