Experts: Gas Will Hit $5 Per Gallon In Oklahoma By Summer
TULSA, Oklahoma - In response to a planned European Union embargo on Iranian oil, Iran is threatening to cut off its oil supply to several European countries. This could have an impact on American gasoline prices.
Some Tulsa experts think the price of gasoline could go as high as $5 a gallon later this year. But because there are so many unknowns, especially in the Middle East, it is hard to tell how high gasoline prices could go.
Several factors drive up the price of gasoline, from unstable governments, price of drilling, to insurance companies refusing to cover carriers hauling oil out of Iran.
Tulsa oil and gas attorney/producer Lee Levinson feels even if gasoline rises to $5 per gallon, Americans love to drive and he believes we will continue to drive despite the high prices.
Watch an extended interview with Levinson by clicking on the video above.