Gas Prices Hit All-Time High, Just Weeks Before Summer Driving Season
The nationwide average for gas now hovers at $3.84 per gallon, up 98 cents from a year ago and 5 cents from last week, according to the Department of Energy.
It is the highest price for gas in the month of April since such data started being collected...in 1990.
ABC reports that the last time gas rose higher than $3.50 a gallon was on Sept. 29, 2008, when the average was $3.63. In comparison, the last time the per gallon price dipped below $2 was on December 20, 2010, when the average was $2.98.
Charles Dewhurst, a national energy practice leader with BDO, told ABC that high gas prices are expected to continue until at least Memorial Day (May 30). The most familiar gas retailers, like Exxon and Shell, will likely profit big time as a result.
"They're also anticipating the prices increases will stay in place if not increase more once we get into peak vacation season," Dewhurst told ABC.
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