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FUEL Gas Could Spike to $5 a Gallon Gene J. Puskar / AP Photo

Gas Could Spike to $5 a Gallon

Tensions between the West and countries like Syria and Iran may conceivably hike gas prices up to $5 a gallon, especially as the summer months loom and Americans plan getaways. According to AAA’s Daily Fuel Gauge Report, gas prices—at a current national average of $3.73 per gallon—are breaking former winter records. On Wednesday, Federal Reserve Chairman Ben Bernanke told members of the House of Representatives that rising oil prices would continue to affect Americans’ spending habits. On the other hand, experts say that a slackening of Middle East tensions could ease fears and cause prices to fall, with the potential for gas prices to drop by as much as 50 cents a gallon.

March 1, 2012 6:20 AM