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Gas prices soaring to near-record highs ahead of summer travel season

FRESNO, California (KFSN) – Gas prices are approaching a record high just before the summer travel season.

GasBuddy reports that gas prices in Fresno have risen more than 13 cents since last week, averaging $ 5.57 a gallon.

Local prices are about $ 1.65 higher than a year ago.

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Some analysts forecast national prices of up to $ 4.50 a gallon by summer.

Lundberg Survey industry analyst Trilby Lundberg said on Sunday that the current price is just one nickel below the highest average price in history – $ 4.43, set on March 11.

Nationwide, the highest average price for regular quality gas is in the San Francisco Bay Area, at $ 5.85 per gallon. The lowest average is in Oklahoma Tulsa, at $ 3.80 per gallon. Diesel rose 43 cents to $ 5.58 a gallon.

Fuel prices are being pushed higher due to rising demand and rising oil prices due to concerns about less Russian oil entering the world market.

Oil prices are expected to rise even more when cities in China lift the lockdown for COVID-19.

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“China is a very big consumer of oil and if China closes together with these big cities, that could mean lower demand,” Patrick De Haan told GasBuddy. “It could mean lower prices. It just depends on how long these cities will be closed.”

Last month, Governor Gavin Newsom proposed $ 400 Discounts for Californians with cars to offset rising gas prices.

But according to a new report from the Bay Area News Group, the governor expects the process to last until October.

The Associated Press contributed to this report.

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Gas prices soaring to near-record highs ahead of summer travel season Source link Gas prices soaring to near-record highs ahead of summer travel season

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