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Consumer

Inching Closer To Record Gas Prices

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(credit: CBS) Holly Wagner
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MINNEAPOLIS (WCCO) — There’s at least one reason for many to not be excited about the arrival of spring. Gas prices are on the rise.

They’re already the highest they’ve ever been going into spring, when driving historically picks up.

We know some cities have already gone above $4 a gallon this spring. The national average hit $3.83 over the weekend, and analysts expect these prices will keep going up.

According to a spokesperson for AAA, gas prices heading into spring are at the highest level ever to start the season.

Analysts say reasons for the spike is the increase in oil prices, the ongoing tensions with Iran, and an improving economy.

The cost is expected to continue to go up through mid-May, possibly hitting $4.25 a gallon nationally.

Gas prices continue to be a hot button issue on the campaign trial. President Obama talked about it in his weekly radio address saying there’s not a quick fix.

“We can’t just rely on drilling. Not when we use more than 20 percent of the world’s oil, but still only have 2 percent of the world’s known oil reserves,” said Obama. “If we don’t develop other sources of energy, and the technology to use less energy, we’ll continue to be dependent on foreign countries for our energy needs.”

“This president says, ‘Oh well, we only have 2 percent of the oil reserves in the world.’ Well, we haven’t been looking very hard because there’s a lot more out there,” said Republican presidential hopeful Mitt Romney. “There’s a lot more in North Dakota and the outer continental shelf, in the deeper waters of the gulf.”

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