If you think gas prices are bad now, just wait until this weekend.
GasBuddy.com predicts prices will shoot up as much as 5-20 cents per gallon in the Carolinas.
"There's no way to get ahead," explained Dr. Frank Machovec, professor of economics at Wofford College.
"The worry, the uncertainty does cause people, suppliers, to buy as much as they can now, to get ready for something that might happen. This does cause price to rise fast right now," he explained.
He doesn’t foresee gas prices continuing to climb on up to $10 dollars a gallon, but for now we’ll have to grin and bear it.
"It's one of those frustrating things, where our living standard will have to fall for a while," he explained.
An analyst with GasBuddy.com tells 7 On Your Side, last year, the typical household spent more than $4,000 dollars on filling up their tanks. In fact - for every 1 cent gas goes up, the analyst says it takes about a billion dollars out of consumers' hands.
So what causes prices to spike? There are three major issues: supply and demand, Wall Street speculators, and local, state and federal taxes.
Want to learn more about how gas prices are influenced? Click Here
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