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Gas Prices Could Reach $5

Last updated on Thursday, January 19, 2012

(UNDATED) - More pain could be on the way at the pump. Analysts are predicting gas prices could exceed $5 per gallon come summertime.

Several factors including the nation's economic recovery and the conflict with Iran closing an important oil shipping lane are likely to drive prices up.

Current gas prices have set a record for the month of January. According to Indygasprices.com, the average gallon of gas in Indiana is at $3.36. That's up 20-cents from a month ago and up 28-cents from this time last year.

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