Why gas prices are near $5 a gallon and how high they'll go

As of Tuesday, 29% of the nation's 130,000 gas stations were already selling gas for more than $5 a gallon. And the worst is yet to come for drivers.

The US average for the price of a gallon of regular gas hit $4.96 according to the most recent reading from AAA Wednesday. It marked the 12th straight day, and the 29th time in the last 30 that gas has set a record in America.For much of the country, $5 gas is already here.There are now 17 states with averages of $5 or above. Idaho, Ohio and Pennsylvania became the latest states to cross that threshold. The highest priced state remains California, with a state average of $6.39 a gallon.

The EU's recent decision to ban oil tanker shipments from Russia as sent oil prices soaring on those global markets. The price of a barrel of crude is now above $120 a barrel, up from just less than $100 a month ago, And prices continued to climb in early trading Wednesday. Goldman Sachs predicted the average price for a barrel of Brent crude, the benchmark used for oil traded in Europe, will be $140 a barrel between July and September, up from its prior call of $125 a barrel.

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