Fuel analysts around the world are predicting that gas prices could skyrocket to record breaking costs in the summer of 2012.

Google Images // Record-setting gas prices this summer may cause travellers to reconsider vacation plans.

Experts report that factors such as tension with Iran - the third-largest oil exporter - is a significant factor behind the fluctuating market, with the threat $5 per gallon (3.78 litres) becoming a reality within months.

The international community is attempting to force Iran to abandon its nuclear programs with an oil embargo, which has added between $15 and $17 per barrel to the price of oil, reports CTV.ca.

For Canadian drivers, prices continue to escalate in most areas of the country.

"It happens every year at this time, this is where we see our highest prices," Dustin Coupal of GasBuddy.com told CTV.

"It is really an issue of refinery capacity and the amount of refined petroleum out there. And ultimately the switch to summer blends of fuel."

However, despite public outcry in objection to globally rising costs, prices are not yet high enough to have a drastic effect on Americans’ behavior, reports The Economist.

But 2012 shows potential for this to change.

According to a survey by the U.S. Travel Association, 54 per cent of people who plan to vacation by car this summer said that rising fuel costs would affect their plans, reports the LA Times.

"If travelers are spending more on gas, they are spending less on hotels, attractions, shopping and restaurants, which could have a negative impact on our overall economy," said Roger Dow, chief executive of the Washington, D.C.-based U.S. Travel Association, told the LA Times.

Travellers planning to spend time behind the wheel this summer can do small things to save fuel while driving, including things like minimizing the use of air conditioning, keeping tires properly inflated and avoiding idling, reports GasBuddy.com.

The Canadian-based website also has a search engine for gas prices at stations across the country for those seeking the most affordable deals on filling up.

---

Add this page to your favorite Social Bookmarking websites

| More...