The AAA Fuel Gauge Report tracks the price of gas around the nation. The current national average for regular gasoline is $3.85 a gallon. While this figure reflects a 35% increase from one year ago ($0.99 a gallon increase), many states are much higher.
Hawaii is straddled with the highest prices, averaging $4.53 per gallon. The mainland is being hit hard, too, with costs in Chicago hitting $4.59 per gallon and higher.
Some experts are predicting just how high gas might go this summer. Richard Hastings, a strategist for Global Hunter Securities, says it is quite possible to go well above $6.00 late in the summer if a bad event occurs. He states that a bad hurricane season in the Gulf of Mexico could be particularly damaging.
President Obama is attempting to respond to the rising prices. Along with the Justice Department, a task force is being established to monitor market affects.
He stated during a press conference in Reno that “the attorney general is putting together a team whose job it is to root out any cases of fraud or manipulation in the oil markets that might affect gas prices. That includes the roll of traders and speculators. We’re going to make sure that nobody is taking advantage of American Consumers.”