Feeling the Squeeze: Gas Prices Continue to Rise

It seems that every time we go to the pump to fill our car with gas, we keep spending more and more. The American Automobile Association (AAA) says that gas prices are currently at $2.32 a gallon, up more than 65 cents from this same time last year. In the past two leeks, the price of a barrel of crude oil has risen by five dollars, averaging $53.00 a barrel. Economists previously warned that if the price of oil ever hit $40.00 a barrel, gas prices would be inconceivably high. It seems that we've reached far beyond that point. Some analysts have suggested that crude oil could even cost $60 a barrel in the coming weeks and stay high for some time because of growing global demand and the unwillingness of OPEC (Organization of Petroleum Exporting Countries) to raise oil production.

People all across the country have suffered as a result of this huge increase. They are forced to spend an average of $46.40 every time they put 20 gallons into their car, and that's not even the maximum you can put in for most cars. For people who earn 10 dollars an hour on average, they have to work for four and a half hours just to buy the gas that it takes to get them to work for a week!

This recent spike in gas costs is just the beginning. Most experts believe that in just a few weeks, gas prices will most likely rise another 20 cents per gallon. The bottom line is that many are feeling the squeeze at the pumps these days, and it will only get worse as time goes on.