Gas prices spiked a bit this week as crude oil prices hit $93 a barrel. Oil prices have surged 17 percent since bottoming out at their recent low of $78.20 on June 21.
The rise in oil prices can be blamed on increasing tensions in Iran. Prices around the area average about $3.55 a gallon. Oil prices have also increased by an easing of the debt crisis in Europe.
Drivers across the nation are expected to use about 133 billion gallons of gasoline this year.
We might not just be worried about the rise in prices in gasoline next year. With the drought in the Midwest, food prices are expected to take a hike. Produce and meat will be spiking next year as farmers struggle to maintain crops and feed livestock. About one-fifth of Indiana is in the worst kind of drought.
