Iran Oil Embargo Sends US Gas Prices Soaring

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Tensions between Iran and the West have sent oil prices to more than $105 a barrel, a nine-month high.

Drivers have already started to feel the squeeze at the gas pump. Gas prices shot up 2 cents overnight after Iran announced on Sunday it would stop selling oil to Britain and France.

A stream of ominous events in the Persian Gulf have pushed prices at the pump to a record level for President's Day weekend, well over $4 a gallon in parts of California.

"They are getting pretty ridiculous," Hollywood resident John Jesenski said. "I suppose they have been for a while now. But it just seems to be getting higher and higher."

"It's going to cost me over $70 to fill up my car, so yeah, it's out of hand," one Bay Area resident commented.

Forecasters at GasBuddy.com predict the price may be on its way to $5 a gallon by Memorial Day weekend.

"Things will only get worse in the future," said Patrick Dehann, senior petroleum analyst for GasBuddy.com. "A lot of gas prices will be tied to the economy. Gas prices will remain at elevated levels.

Although prices are lower in Texas than California, consumers in the Lone Star State are hurting as well.

"Mama is not happy about that, no," one Houston resident said. "It used to take $30. Now it takes about $50."

"I've got to get another vehicle," another Texas resident said. "And it's going to be something considerably smaller."

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