Tips to save money as gas prices soar

Adjust Comment Print

"There are many factors that go into the price of gasoline", Jana Tidwell with AAA told Action News, "the number one factor being the price of crude oil, which we have seen at record highs for the year".

Though gas prices have risen recently, almost nine out of 10 people from the Washington region say they will drive at least 50 miles from home this Memorial Day, almost 5 percent more than past year.

Other parts of the country are having to pay much more for gas ahead of the holiday weekend.

Gasoline prices have risen sharply in recent weeks, hitting a current average of $2.85 per gallon in the Twin Cities.

More news: NFL's Terrance Williams' Lamborghini Crash Pics and Video

Gas is cheaper in Riverside and San Bernardino counties, where drivers can expect to pay about $3.70 a gallon.

"Gas prices are typically pretty volatile in the spring time because maintenance that's going on at hte refineries and the refineries are also switching over to the more expensive summer-blended gasolines", said Stephanie Milani from AAA.

Gas prices in North Carolina are at their highest level since November of 2014.

"TSA screens over 2 million passengers on an average day throughout the year and expects to screen over 2.6 million a day during peak periods of the busy summer travel season", TSA Administrator David Pekoske said. AAA estimates that 41.5 million Americans will travel this weekend. As the summer deadline nears, producers need to clear their winter fuel inventory, often selling it a discount, said DeHaan of GasBuddy. The price was 59 cents a gallon higher than a year earlier, according to AAA.

More news: Flags placed at Arlington National Cemetery

Both GasBuddy and AAA are forecasting prices to top $3 nationally, including in Minnesota.

The decision sparked fears that renewed sanctions on Iran, the world's fifth-biggest oil producer, will sideline up to 1 million barrels per day of supply.

"It's starting to cause some sticker shock and maybe some resentment. But I don't think it will hold people back", said DeHaan. Goldman Sachs recently suggested Trump could tap the emergency stockpile of oil stored in the Strategic Petroleum Reserve to make up for the loss of Iranian production.

That news, from a panel discussion hosted by CNNMoney's John Defterios, helped send U.S. oil prices plunging 4% to $67.88 a barrel. It was oil's steepest decline in almost a year.

More news: Operators of Monmouth Park Say Sports Betting Delay Cost Them $139 Million

Comments