Gas Price Could Get Much Higher Soon

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Knoxville (WVLT) - We've all noticed a sharp rise in gasoline over the past month, but it's not over, yet.

Crude oil prices hit a six month high this week.

Nationwide, the average price per gallon is $2.63. Here in East Tennessee, you're paying about $2.43.

But brace yourself, prices could go up another 20 cents in the next few weeks.

The reasons center on Iran, and supply and demand.

Demand is at its highest in the US, but supply is lower, because OPEC began cutting down on production when prices went down last year.

Although, we don't get our oil from Iran, if they reduce their supply, there will be less oil in the world market.

"If things settle dramatically in the Middle East prices could drop very quickly but don't hold your breath right now," says Don Lindsey from AAA or East Tennessee.

Fuel prices aren't just affecting the price you pay at the pump, it could affect your grocery bill too, especially milk.

In fact, you may be paying nine percent more for milk, by this fall.

And you can learn more about this Friday at 11:00.