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$5 a gallon gas soon?

February 26, 2012 3:28:21 PM PST
For those of you who drive, the pain at the pump is getting worse.

The national average, now $3.68, up a dollar from Saturday, according to AAA.

The average price in New York City has topped at $4.02.

Drivers are paying $3.93 in Connecticut, and a much lower $3.58 in New Jersey.

On Sunday, lawmakers are scrambling for a money-saving solution.

Drivers are feeling the pinch and some say what feels like a punch at the pump.

Motorists could soon see $5 a gallon.

And analysts warn this upcoming season could be record-breaking.

The problem got a lot of air time Sunday morning on national morning talk shows.

The likely reasons behind the hike: tensions with Iran, growing gas demand from Asia and South America and natural disasters.

"The number one issue on the lips of new Yorkers is the sky rocketing price of gasoline," Senator Charles Schumer said.

That's why lawmakers including Senator Schumer are taking center stage and coming up with solutions.

"We certainly need long term solutions mainly to reduce our dependence on overseas oil but there's something we can do in the short term," Sen. Schumer said.

Senator Schumer is calling on the Arab League and Secretary of State Hillary Clinton to get the Saudi government, with its excess capacity, to promise to replace every barrel of oil the Iranians take off the market.

He argues the price would drop immediately.

"The number one reason the prices are going up so steeply in the last few weeks is because the markets fear the iranians will cut off oil and in anticipation the prices as shot up. Iran is using oil as a weapon against the U.S. and the West," Sen. Schumer said.

Schumer says the Saudi's extra capacity is more than Iran's total production. He believes they have the power to ease this pain at the pump.

"It's time for the Saudi's they've done this before to break clean of OPEC and do it themselves. It's in their interest and all the other countries who want lower gas prices and peace," Sen. Schumer said.

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