According to AAA and the Oil Price Information Service, even though gas prices have somewhat stabilized in the New Year’s first three weeks, they still remain at record high levels for the month of January.

With the gas prices all across the US continuing to climb, and having touched their highest levels ever for the month of January, experts are of the opinion that the historic highs in gas prices are apparently a consequence of the tension in the Persian Gulf – a situation which is responsible for the unchanged ‘$100 a barrel’ cost of crude oil for a large part of the month.

The triple-digit figure was touched again by crude oil recently, largely because of production issues in Nigeria and continuing Middle East worries over Iranian sanctions and the Straight of Hormuz.

As a result of the high costs of crude oil, along with reports of imminent refinery shutdowns, there has been a 10-cent increase in the gas price average in the US since January 1.

With analysts noting that the multiple geopolitical issues affecting the costs of crude oil prices are expected to remain notably volatile in the coming weeks too, Martha M. Meade - Manager of Public and Government Affairs for AAA Mid-Atlantic – said that “the current tension in the Middle East and escalating crude oil prices” underscore the possibility that gas prices will reach “the $4.00 to $4.25 per gallon range, setting a new all-time record high” by “as early as perhaps April.”