Gas prices could top $4 in April - WRCBtv.com | Chattanooga News, Weather & Sports

Gas prices could top $4 in April

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CHATTANOOGA -

(WRCB/AP) – Travel experts say the price for a gallon gas is expected to reach the $4.00 nationally this month.

According to the AAA, eleven states have an average of $4.00 per gallon and they expect another four states to reach that price by the end of the week.

"Not too much has changed from last week in terms of what's affecting the oil market and retail gas prices. President Obama and other world leaders still plan to enact further sanctions on Iran in hopes of preventing the country from developing nuclear weapons. As long as tensions remain with Iran, we are going to see elevated gas prices," said Jessica Brady, AAA spokeswoman, The Auto Club Group. "Consumers can expect gas prices to increase again this week."

According to GasBuddy.com, while the national average for a gallon of regular unleaded is at $3.89, Chattanooga has been holding steady at $3.71 for the past week.

[Find the cheapest gas prices in Chattanooga]

Tom Kloza, chief oil analyst at Oil Price Information Service, expects the national average for gas to hit about $4.05 per gallon by mid-April. It could level off there, and some analysts think it will start to fall. But Kloza also has said that the average could go as high as $4.25 per gallon later in the month, which would top the record of $4.11 set in 2008.

Several factors have affected the price drivers pay to fill their tanks. Gasoline prices typically climb in the spring as refineries switch to costlier summer blends that have additives to curb pollution. This year pump prices also have been pushed higher by rising crude oil prices, which refineries buy to make gasoline. The average price of gas is up 15 percent since Jan. 1.

[3 On Your Side: Gas Saving Tips]

Oil has jumped because of concerns that global supplies could become tighter due to tensions over Iran's nuclear program. The U.S. and other countries are concerned that Iran, the world's third-largest oil exporter, is building a nuclear weapon. Iran has denied it, but won't let international inspectors take a closer look at its nuclear facilities.

On Friday President Barack Obama said that the U.S. will move ahead with tough sanctions aimed at squeezing Iran's oil exports, after he determined that there is enough crude on world markets to take that step without harming U.S. allies.

U.S. sanctions on foreign banks that continue to purchase oil from Iran will take effect in June. The aim is to cut off Iran's central bank, which processes almost all of the country's oil business. Other countries are attempting to reduce Iran's oil revenue through a variety of sanctions and an embargo.

The U.S., France and other nations are also considering a release of some emergency oil supplies to cool rising oil prices. Most analysts agree that releasing oil from the U.S. Strategic Petroleum Reserve, and other international inventories, would at best put a temporary cap on oil prices.

On Friday benchmark West Texas Intermediate crude rose 24 cents to finish at $103.02 per barrel in New York. That's about 4 percent lower than the beginning of this month, when it was close to $109 a barrel.

The U.S. benchmark has risen about 38 percent from about $75 per barrel in October and is up 4 percent since the start of the year.

In other energy trading, heating oil was virtually unchanged at $3.17 per gallon, gasoline futures fell 3 cents to finish at $3.31 per gallon and natural gas fell 2 cents to end at $2.13 per 1,000 cubic feet, as it lingered at a 10-year low.

Brent crude rose 49 cents to finish at $122.88 per barrel in London.

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