From the Daily Reckoning…

"At a Brooklyn, New York, gas station yesterday, a gallon of premium gasoline cost $4.50 a gallon. Regular gas wasn't cheap either - if you paid with cash, it would have cost you $4.14 and $4.26 if you paid with credit."

Some factors contributing to the rising price of gasoline…

• Continued fears that Iran will cut off its exports of crude oil if the U.N. Security Council
  imposes sanctions.
• Consistent attacks on Nigerian pipelines.
• Venezuela's Victor Chavez threatening to blow up the country's oilfields if the United States were to attack Venezuela.
• The situation in Iraq.
• China's demand for oil.

Hurricane season could cause the price of oil (and subsequently gasoline) to rise even higher.