Gas Prices Rise to a 7 Month High
April 3rd, 2007 | by Brian Carr |Thanks to increased geopolitical tension brought about by the “Iran Hostage Crisis Part 2″ the national average gas price has jumped nearly ten cents over the last week to $2.75 per gallon.
This represents the highest gas prices since last September and is nine cents higher than at the same point last year.
After a massive drop in the price of oil to start 2007, the price of gas reached its low for the year on January 21 when it bottomed out at $2.21 per gallon. Since then, the price has increased nearly 25% and, unfortunately, shows no signs of slowing down.
As I stated a couple of months back when I tried my best to forecast how high gas prices would go this coming summer, I talked about how I thought geopolitical tension would be the biggest factor in determining how high gas prices would ultimately get. Not to toot my own horn, but it looks like I was on the money.
Thanks to the latest Iran Hostage Crisis oil and gas prices have gone haywire, and Iran and Britain are unable to come to a peaceful resolution relatively soon, the situation is going to continue to cause investors to drive oil prices higher. Of course this means we’re all going to be paying more at the pump.
And just think, it’s not even hurricane season!
