Gas Prices on the Rise: Can You Say BOHICA?

Uh oh — Here it comes again!  Oil Industry experts predict gas prices in New Jersey to hit or pass $4.00 a gallon by Memorial Day. 

flickr user | qthrul

New Jersey drivers could be hit even harder as Sunoco is threatening to shut down its Philadelphia refinery, further reducing the supply in our area.

According to ABC News a new report shows gas prices up twenty-cents in the last four weeks.  Couple that with statistics from The U.S. Energy Information Administration and you can see it will be rough road ahead.

From Tom Kloza of the Oil Price Information Service:

“I think it’s going to be a chaotic spring,” He expects average prices to peak at $4.05, though he and other industry trackers say prices could be sharply higher in some markets.

So drivers — does the acronym BOHICA ring a bell?