Expert warns drivers gas prices could reach $7 per gallon

GREENVILLE, SC (WCSC/FOX Carolina) - A veteran energy strategist said drivers should brace for another surge in gas prices.

Energy Word Founder Dan Dicker told Yahoo Finance Live on Wednesday he could see gas prices rising to $5 per gallon, while some areas could see $6.50 or $7 gas prices if oil prices were to reach toward $120 per barrel.

Prices rose nationally last week for the seventh straight week, GasBuddy said. Oil prices have been hot lately as geopolitical tensions rise between Russia and Ukraine.

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GasBuddy data says gas prices are coming their seventh straight weekly advance. The national average is up 16.5 cents a gallon from a month ago and 97.2 cents a gallon from one year ago.

The organization reported Monday that the average price per gallon of gasoline in South Carolina rose by nearly a dime, the second week in a row for that high an increase. The organization reported the average price for a gallon of gas in the state stood at $3.25, according to its weekly survey of more than 3,000 gas stations.

That figure is 25.8 cents higher than the average price one month ago and nearly a dollar higher than one year ago.

Despite seven consecutive weeks of increased gas prices nationally, last week marked the fifth straight week of higher prices within the Palmetto State.

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As of Friday afternoon, the lowest-priced gas in the Tri-County area was at a Charleston Costco where the price was $3.09.

GasBuddy Head Petroleum Analyst Patrick De Haan said the jump in prices at the pump have followed rising prices for oil, which stood at $94 per barrel last week, fueled by the “possible imminent threat that Russia may invade Ukraine.”

“Not only are oil prices up, but the bulk of the nation is starting the multi-month transition to summer gasoline, further adding to the rise at the pump,” De Haan said. “In addition, cold weather in Texas last week caused some power outages at major refineries, further weighing on markets. I see no other potentials in the short term but additional price increases unless Russia does an about-face on Ukraine. Even then, we’ll still see seasonality push prices up, so motorists should be ready to dig deeper.”