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Gas prices jump over the weekend; experts say the worst is yet to come

By Braid Blanks, bblanks@ktxs.com
Published On: Jul 17 2013 05:21:01 PM CDT
Gas prices
ABILENE, Texas -

“Gas prices right now are outrageous, it just costs too much,” said one Tuscola man. According to him, prices were so high, he had to make some big changes. “We're looking to sell our trucks, our cars, going to buy a motorcycle. It’s much cheaper on gas.”

He's not the only one who is looking for a break at the pump.

"I live in Clyde so back and forth to work every day it gets a little ridiculous. It would be lovely if they would go back down," said McKenzie of Clyde.

Unfortunately, that probably won't be the case anytime soon. Why? Financial experts say one reason is the unrest in the Middle East which is creating an unstable global oil market.

"Anytime Egypt gets in trouble, knee jerk reaction is go out and buy some crude oil. And the price of crude has shot up, finally kicking in at the pump," said Jeff Macke an analyst for Yahoo Finance.

Another reason for the rising prices? Summer fun while the kids are out of school. Economic analysts say believe it or not, the worst may be yet to come.

“Economists are telling me in two to three months, that's when the sticker shock will really hit consumers. Come September, October, right when the critical holiday shopping season is beginning, that's when consumers will start to pull back on their spending,” said Betty Liu, ABC News Contributor and Bloomberg Anchor.

Nationally the price of gas is sitting at $3.64, a 15 cent jump over the weekend and up 20 cents from this time last year.