Gas Prices Up 18 Cents a Gallon in the Last Two Days: $5 a Gallon by Memorial Day

Wasn't it nice to wake up and see how unconcerned Obama is about the economy and the fuel prices that will further destroy it. That's right, Dear Leader was standing up for gay marriage today while Americans have witnessed an increase in gasoline prices unparalleled in our lifetime.

Unparalleled?

That's right. In 2008 when gasoline hit record highs it did so after the summer formulation changes around April 1, however, we aren't even close to the peak driving season, and look were fuel is already at. The news is getting worse.

Some experts who once believed the end of summer gas prices could be as high as $5 a gallon now predict gas prices could hit that amount as early as May. I say count on it.

Kurt Nimmo writes today:

The world’s oil benchmark jumped almost $17 this week and it appears there is no end in sight as the situation in the Middle East heats up.

Saudi Arabia is under pressure to boost output as the prospect of a Libya production cutoff looms.

Oil traders said Saudi talks with Europe signal that the oil kingdom understands that the political crisis in Libya is now an oil supply crisis.

On Thursday, the Italian oil company Eni, the most active company in Libya, said oil production from the North African country has dropped to just a quarter of normal levels.

“You can only expect the price to go up. It is fear of the unknown. The risks are all to the upside,” a senior oil trader told the Financial Times. “Saudi Arabia needs to respond.”

By the end of the week, gasoline prices may rise as much as 40 cents a gallon.

Analytics economist Chris Lafakis put the number even higher. Oil prices have already jumped $12 this week, which means that drivers can “expect gas prices to be 37 cents higher” in the coming days, he told CNN.

The national average price of a gallon of gasoline rose 3.4 cents overnight to $3.228, according to AAA.

Where is Obama? Probably celebrating knowing more of you will soon embrace the idea of high-speed rail to get you to work as our irresponsible government chooses not to lighten restrictions on oil drilling.