Oil Soars Above $100 a Barrel, Gas Average of $4 Expected

Gas prices are continuing to rise and with the current state of the oil market, $4 a gallon is likely to spread across the country in the upcoming weeks. According to AAA, yesterday the average price of a gallon of regular gasoline was $3.54 and gas prices rose 14 cents a gallon in trading pushing the price of oil above $100 a barrel. Tom Kloza the global head of energy analysis for the Oil Price Information Service which tracks gas data for AAA believes the national average will reach $4 a gallon by mid-March which would be the first time prices hit that high since the Summer 2008 when prices were $4.11 per gallon on average. Kloza also expects that record to fall sometime between mid-April and Memorial Day.