(KMOV)-- The average price for a gallon of gas in the U.S. now is $3.38. Some parts of the country, like California, are already seeing gas prices higher than $4.00 per gallon.
Prices are surging to levels near what they were when Hurricane Katrina hit in 2005.
In Soulard Wednesday morning, News 4’s Ray Preston found two gas stations across the street from each other that charged $3.19 for a gallon of regular unleaded gas.
Last month, the national average hit $3.15 for the first time since 2008. Economists are afraid the price of gas will put a damper of spending in a still rebounding economy.
The latest climb in oil prices is because of demonstrations in Iran.
Investors worry the anti-government movements will keep the pressure on the oil-rich countries of the Middle East, perhaps for months.
Some investors are now moving money out of stocks and into precious metals as a result of the gas issue. Gold topped a record at more than $1,400 per ounce.