Goodman, an accountant, commutes by bus. He uses his car mostly for trips to the grocery store or for occasional nights out. He says he has no choice but to eat the higher gas costs.
"I already drive as little as possible," he says.
Paul Dales, a senior economist at Capital Economics says it would take a bigger shift in the global economy — say, a deep recession in Europe or a slowdown in Asia's manufacturing — for pump prices to drop noticeably. Either event would slow oil demand, depressing prices.
But experts expect demand to keep rising. World oil demand is expected to increase by another 1.5 percent to 89.25 million barrels a day in 2012, according to the Energy Information Administration.
In the short term, tensions with Iran are feeding fears that oil supplies could be blocked.
The U.S. and Europe are tightening economic sanctions against Iran over what the West believes is Iran's attempt to build a nuclear bomb. World leaders fear Israel may be planning a strike against Iran, the world's third largest oil exporter.
In response, Iran has threatened to withhold its own oil deliveries and to block the Strait of Hormuz, a waterway along its coastline through which one-fifth of the world's oil flows.
On Friday, an international banking clearinghouse crucial to Iran's oil sales said it is prepared to discontinue services to Iranian financial institutions being targeted by the EU and U.S. sanctions. That could ratchet up the pressure on Iran, but also send oil prices soaring.
The price of Brent crude fell 53 cents on Friday to $119.58. WTI gained 93 cents to $103.24.
Reporter Beth Fouhy in Atlanta contributed to this report.
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