Gasoline prices could cross $5 in the US

Gasoline prices, which hit a record high of $4.33 per gallon in the United States on Friday, could pass $5 over the next six months, said the Fortune magazine.

"If sky-high gas prices do persist, it could have a significant impact on the US economy," said the business magazine.

The gas prices have been rising mainly because of the severe sanctions imposed by the US and its allies on Russia, it added.

"Unfortunately, I see prices going higher from here. We could see a national average of between $5 to $6 per gallon all summer long, with diesel prices even higher," said Scott Shelton, an energy specialist at the commodity and currency investment inter-dealer broker ICAP.