BUSINESS

Gas prices soar after Iran cuts supply

Comment
Decrease Increase Text size

It doesn’t look like the pain at the gas pump will be easing anytime soon since prices have soared in the past month due to tension in the Middle East.

Iran cut off oil to European countries, as a pre-emptive strike for the European Union's tough new sanctions over its nuclear program.

As a result, over the past month, gas prices have soared 18 cents a gallon, and it might get even worse.

Experts predict they could reach $5 a gallon by Memorial Day.

“It's already hurting the economy and it's going to continue as long as they go up."

According to AAA, the national average for a gallon of gas is now $3.56, five cents higher than a week ago, nearly 50 cents higher than it was this time last year.

Analyst say it may only get worse as pump prices could be pushing $4 by the end of April.

The soaring costs have many people like Erin Fulleborn cutting back.

“We used to go visit my parents on the weekends and that's about 130 miles and we cant afford to do it very much anymore,” she said.

Searching for savings, drivers are flocking to the Sam’s Club in Waldorf - known to have some of the cheapest oil in the region.

“And this is considered cheap right now, because every place else is a lot more,” Fulleborn said.

"I come all the way from Upper Marlboro, Maryland...I don't mind the ride," said Carlos Snowden, driver.

Would you like to contribute to this story? Join the discussion.

Recommended For You
comments powered by Disqus