On Monday, April 21 the national average per gallon price of gasoline exceeded $3.50 for the first time with oil trading at a record $117.48 a barrel, a level quadruple that of five years ago.

Fuel price per gallon is 22 percent higher than April 2007 according to figures compiled by AAA. With peak summer demand on the way, analysts expect gasoline to reach $4 a gallon by summer while pundits say the per barrel price of oil will climb to $125.

Diesel fuel has achieved a record high of $4.20 on average compared to the $2.93 per gallon price of a year ago, a leap that is causing pain in the trucking industry and higher prices across the boards for the American consumer.

Events abroad have further complicated the oil situation, with Nigerian rebel groups blowing up pipelines in the Niger Delta effecting the capacity of Royal Dutch Shell to produce. Additionally, a Japanese oil tanker was attacked off the coast of Yemen on Monday.

In Mexico, oil production is off 7.8 percent to the tune of 2.91 million barrel a day where output from the Cantarell oil field, owned by Pemex, the state oil company, has dropped 8.5 percent over the last year.

With minimal spare capacity in the global oil supply, even the slightest production disruption will result in an immediate price jump. All of these factors together offer little relief in sight for customers at the pump who report that the cost of fuel is now forcing them to cut spending in other areas of their lives.