MINNEAPOLIS (WCCO) — Don’t be surprised if your wallet is feeling a little lighter after that last fill-up. Gas prices nationwide are at their highest point of the year — and they’re only expected to climb higher.
In Minnesota, the average price for a gallon of regular is $3.64, which is up 8 cents from last week. It’s even higher in Wisconsin at $3.70, which is up 5 cents in the past week.
That’s right in line with the national average of $3.67.
Factors behind the spike: The political turmoil in Egypt and concerns that U.S. refineries are already operating close to capacity.
The spike couldn’t happen at a worse time. The last week of July and first week of August is peak time for summer vacation travel.
“We could see prices go up 10 to 15 cents if we see any major storms or if refineries have any more glitches,” said Michael Green of the AAA.
Right now, drivers in more than a dozen US cities are already paying more than four dollars a gallon.
The all-time nationwide average high was in July 2008: $4.11.