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Gas Prices Rising and Only Expected to Go Higher

Stockbyte/Thinkstock(NEW YORK) -- Prices at the pump were at or below $1 in late 1998, early 1999.  Now, 13 years later, Americans are paying about four times that amount and it's bound to go a lot higher by the time the peak driving season starts in mid-May.

Currently, gasoline is averaging $3.56 nationwide -- 40 cents more than at the same time last year.

The reasons for the price hike: trouble with Iran, greater international demand, switching over to more expensive grades for the spring and the People’s Bank of China reducing its banks’ reserve requirements that sent the cost of crude up to $105 a barrel, the most it's been in a year.

President Obama says the increase also has to do with the economy improving.  Be that as it may, rising prices will likely be pinned on the White House, not the Republicans who are blaming Obama’s refusal to build the Keystone Pipeline as a big reason why the U.S. is still dependent on foreign energy sources.

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ABC News Radio