Gas prices expected to soon hit $5 mark

Gas prices are on an upward march, quickly making their way to the $4 mark in Central Indiana. Prices are expected to climb even higher with many analysts predicting $5 gas will be here soon.

Drivers in New York City are already paying above the $5 mark. Drivers there had to fill up at almost $5.50 a gallon Monday.

In Indianapolis, prices fluctuated from the $3.60s to the $3.80s. Just how much more will it hurt your wallet if prices go up to $5? At $3 a gallon in an average 17 gallon midsized car, it will cost $51 a week and $204 a month. At $4 a gallon, that same car now costs $68 a week and $272 a month. That is $68 more a month. When gas prices hit $5 a gallon, the same midsized car will cost $85 a week and $340 a month, which is $136 more a month.

Michael G. works at the Quick Mart at 86th Street and Michigan Road. He said the higher price is making people put down the extras,

"I might ask them, normally you get something to eat. They say, ‘well no I gotta put it in that tank. Because I gotta cover that spread. They are conscious of the number of gallons that are coming out of that $10."

Drivers are thinking about where the gas prices are headed.

"During the summer it's going to be a problem. My son is on a travel baseball team that travels a lot and gas is going to be an issue," said Brian Thornton.

"I'm not ready," said Lydia Hernandez. "I'm not ready for it to go up."

"I don't go anywhere. I don't spend my money like that," said Aaron Hunt.

Why is it going up? The three big reasons: demand for oil is up all over the world, global politics and unrest and speculation about oil.