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US gas prices could surge to $4.50 a gallon, expert says
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Gas prices hit another record Wednesday, but one expert projects things could get even worse for U.S. motorists.
The national average retail price for a gallon of regular gasoline reached $4.40. However, Andy Lipow, the president of Lipow Oil Associates, estimated that the national average could soon surge as high as $4.50 per gallon.
Before Russia was hit with sanctions for invading Ukraine, threatening the already tight global oil market, the national average was at $3.53, according to Lipow.
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"The overriding fear in the market is that the world cannot make up the anticipated loss of Russian oil supplies," Lipow said in a statement. That fear is driving up oil prices, which account for more than half of the pump price.