Gas Prices Expected To Reach $5 By The End Of The Year

By Scott Sarvay
By Max Resnik

February 22, 2011 Updated Feb 22, 2011 at 6:52 PM EDT

FORT WAYNE, Ind. (Indiana's NewsCenter) - With oil prices jumping 6% on Tuesday, where are gas prices headed in Fort Wayne?

Many gas stations raised prices to nearly $3.45 per gallon. So what is causing the rise?

The tensions in North Africa and the Middle East, specifically Lybia, a weak US dollar and growing demand for oil between China and the US are creating what David Hefty, CEO of Hefty Wealth Partners, refers to as a tri-fecta.

He says, "These three things just independent of one another can push up oil prices, but when you have all three working at the same time, we can really see oil prices spike much higher than where they are today."

Hefty says the pain at the pump will continue and that the days of gas less than $3.00 are more than likely long gone. With a weak dollar and tensions very high in the Middle East, Hefty says you should expect to see gas hover between $3.00 and $4.00 per gallon. He adds that Hoosiers shouldn't be surprised if gas reaches $5.00 per gallon this year.

Hefty says, "Everything boils down to supply and demand. So, in the near term future, really in the next one, two or even three years, I think we just need to adapt to higher oil prices."

The majority of Summit City Hoosiers Indiana's NewsCenter talked to said they don't want to pay these prices, but if it means getting to work, they will.

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