July 16, 2013
The average cost of gas in the US on Tuesday is $3.64, a 15-cent increase since last weekend, and a 20-cent increase since the same time last year.
Officials say the unrest in Egypt is creating instability in the oil market. Additionally, they say the summer season is also to blame.
Analysts are already making predictions about this will affect the economy.
"Economists are telling me in two to three months, that's when the sticker shock will really hit consumers," says ABC News Analyst Betty Liu. "Come September, October, right when the critical holiday shopping season is beginning, that's when consumers will start to pull back on their spending."
Experts warn that the prices at the pump could continue to go up.
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