ABC 33/40 - Birmingham News, Weather, Sports$5 a gallon? Say it isn't so

$5 a gallon? Say it isn't so

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Oil prices have spiked to the highest level in nine months, thanks in part to Iran's decision to cut oil exports to Britain and France.

U.S. crude for April delivery jumped nearly 2%, while Europe's benchmark for crude hit the highest price in more than a year. Analysts say the jump in price isn't so much a demand issue as simply fear over a shortage.

But even so, this could translate to higher costs for drivers.  The current average price for a gallon of regular gasoline is up to $3.57, according to AAA. That's up nearly 9% since the beginning of the year. Analysts say prices could rise as high as $5.00 per gallon by summer.

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