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• GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said that $5 a gallon gas is a very real possibility in some portions of the country in 2012. Early indications, DeHaan said, show this year may see the highest ever recorded prices at the pump, if conflict arises in Iran over several key issues.
• Iran and the United States are locked in a battle over Iran’s nuclear weapon aspirations. In late November 2011, President Obama issued an executive order ramping up economic sanctions aimed at Iran.
• In Executive Order 12957, Obama said he found the actions and policies of Iran a threat to the national security, foreign policy and economy of the United States. In response, Obama declared a national emergency and imposed prohibitions on certain transactions with respect to the development of Iranian petroleum resources.
• Iran responded with a threat to block oil shipments in the Strait of Hormuz. The U.S., employing the Navy’s Fifth Fleet, has said it will not allow Iran to disrupt oil shipments.
• Average gasoline prices were moving up as we entered the New Year. This is a trend that has held since 2008. Gas prices in 2012 started about 20 cents per gallon higher than 2011.
• GasBuddy.com Senior Petroleum Analyst Patrick DeHaan said that $5 a gallon gas is a very real possibility in some portions of the country in 2012. Early indications, DeHaan said, show this year may see the highest ever recorded prices at the pump, if conflict arises in Iran over several key issues.
• Iran and the United States are locked in a battle over Iran’s nuclear weapon aspirations. In late November 2011, President Obama issued an executive order ramping up economic sanctions aimed at Iran.
• In Executive Order 12957, Obama said he found the actions and policies of Iran a threat to the national security, foreign policy and economy of the United States. In response, Obama declared a national emergency and imposed prohibitions on certain transactions with respect to the development of Iranian petroleum resources.
• Iran responded with a threat to block oil shipments in the Strait of Hormuz. The U.S., employing the Navy’s Fifth Fleet, has said it will not allow Iran to disrupt oil shipments.
• Average gasoline prices were moving up as we entered the New Year. This is a trend that has held since 2008. Gas prices in 2012 started about 20 cents per gallon higher than 2011.
