Photo by Cyfer13. Licensed under Creative Commons license 2.0.

Depending on where you live, this may seem like old news. As the photo above (taken by Flickr user Cyfer13 on May 24 in San Francisco) shows, gas has been over $4 a gallon in some areas for a while now. But the official word has now been declared: the U.S. national average is now above $4 a gallon (officially, the number reached $4.005 on Friday, the AAA and the Oil Price Information Service announced). This is the first time gas prices have reached that barrier. But, speaking of old news, the AP story declaring this state of affairs, contains this nugget, "Prices at the pump are expected to keep climbing, especially after last week's furious surge in oil prices." That surge and all of the money being traded in energy these days has resulted in the U.S. Commodity Futures Trading Commission opening a probe into potential price manipulation. Any results from that investigation will take a while. For now, Cyfer13 can see the writing on the wall. His or her caption to the photo reads, "Sadly, in a couple of months...this may be cheap."

[Source: AP]

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