Since the uprising in Libya began last month, gas prices in the U.S. have jumped 29 cents a gallon, while oil prices leapt to the highest levels since 2008. That means Americans are now paying an extra $108 million a day for the same amount of fuel, according to The Associated Press. Analysts remain worried about disruptions to the world's oil supply, especially if the instability spreads to Saudi Arabia. "There's perhaps never been a more precarious time for gasoline prices," says Steve Hargreaves in CNNMoney. Some speculate that gas prices of $7 a gallon (or even higher) might be possible. Could costs at the pump really double? (See a local report about rising gas prices)
Yes, it's a "realistic possibility": Forecasts are all over the map, says Dan Dorfman at The Hufffington Post, but some analysts do say that gas could hit $7 if Saudi Arabia's oil industry is threatened. And really, one trader tells me, if Riyadh turns into Tripoli, "$7 a gallon could be a low-ball forecast."
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