CONSUMER ALERT: Gas Price Surge: Up 10% This Year - Spokane, North Idaho News & Weather KHQ.com

CONSUMER ALERT: Gas Price Surge: Up 10% This Year

NEW YORK (CNNMoney) -- Gas prices are surging, and quickly headed toward $4 a gallon, as growing tensions over Iran sparks a run-up in oil prices.

The national average price for a gallon of gasoline jumped 3.3 cents overnight, to $3.612, according to the motorist group AAA. That's the 16th consecutive increase.

In many locations across the nation, prices are already considerably higher, with many gas stations in New York and California already selling gas for $4 a gallon or more. Hawaii leads the way, with gas prices topping an average $4.247. Overall, prices are up 10% from the start of the year.

Oil prices spiked this week after Iran's oil ministry said that it would stop exporting oil to French and British companies, in reaction to sanctions from the European Union and the United States.

U.S. crude edged up 0.5% to $106.37 a barrel early Thursday, after climbing nearly 7% over the last month. click here to read the full article

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