Gas Prices Skyrocket

July 17, 2013 Updated Jul 17, 2013 at 7:48 AM EDT


July 17, 2013 Updated Jul 17, 2013 at 7:48 AM EDT

Buffalo, N.Y. (WKBW) - The temperature is soaring and so are gas prices. The average cost of gas right now in the U.S. is $3.64. In Buffalo, it is on the high end at $3.80. That is up $.15 from last week and $.20 from last year.

"Prices have been getting pretty high, my other truck it usually takes like 95, 100 dollars to fill so it's a lot," one driver said.

In some major U.S. cities it is even worse. Drivers in Chicago and Los Angeles are seeing more than $4.00 a gallon and Buffalo may not be far off.

Two key things may be causing this summer spike. First, there is unrest in the Middle East that is creating instability in the global oil markets.

"Anytime Egypt gets in trouble, knee jerk reaction is go out and buy some crude oil. And the price of crude has shot up, finally kicking in at the pump," Yahoo Finance Consultant Jeff Macke said.

The second reason is that it is summer vacation season. As more Americans hit the road for some fun in the sun, the demand for gas increases. With all this increase, drivers are taking things in stride.

"I'm not happy because I travel an hour to work, but gotta deal with it I
guess," another driver said.

Analysts are already looking down the road to get a sense as to whether a summer spike could hurt the economy.

"Economists are telling me in two to three months, that's when the sticker shock will really hit consumers. Come September, October, right when the critical holiday shopping season is beginning, that's when consumers will start to pull back on their spending," ABC News Contributor Betty Liu said.