Gasoline prices have skyrocketed in recent weeks. According to the motorist group AAA, the national average price for a gallon of regular gas rose 34 cents in the past 13 days, which is the second-biggest hike in the history of the industry.
The average cost-per-gallon was $3.509 on March 6, and experts have predicted that the increase will continue.
"I expect that the average is going to be something around $3.75 or $3.80 a gallon," Peter Beutel, president of risk management firm Cameron Hanover, told CNN.
Violence in Libya has led to a sharp spike in the cost of crude oil, which topped $106 per barrel on March 6. This figure is based on the contract of West Texas Intermediate, which is widely considered a benchmark for oil prices. According to the news provider, oil prices are trading at the highest levels since September 2008.
A recent Los Angeles Times article suggested that rising gas prices may pose another challenge to President Barack Obama's re-election campaign. In 2008, former President George W. Bush's popularity was dealt a significant blow when gasoline prices increased. Furthermore, Jimmy Carter's final years as President became synonymous with problems at the pump as an energy crisis led to long lines as the pumps.
Finally, higher gas prices increase the risk of inflation, which may serve as a further reminder of the importance of investing in assets such as gold and other precious metals in order to protect one's hard-earned wealth from depreciation.