Pump Shock! Fuel Prices Continue to Rise

High gas prices
(CBN News)

Gas prices are going up, and drivers are starting to feel the pinch at the pump.

The average price for a gallon of gas in the U.S. is now $3.37—up 12 cents over the past three weeks.

"You can see I'm driving a big car that takes a lot of gas that I have to use," said West Hollywood motorist Raven Kauffman.

Los Angeles is seeing the highest prices in the country, with the price of fuel there up 13 cents in just three weeks.

Drivers at one Hollywood gas station were shocked to see a $4.83 price tag.

"Oh my gosh, I'm to be driving around then and looking for a different gas station I guess. That's excessive" Kauffman said. "I have a brochure for a price on the counter right there, so I'm taking the initiative to probably switch cars."

Prices are almost 30 cents higher now than they were this time last year.

Oil prices are up globally, partly because of better than expected unemployment numbers and consumer spending reports coming out of the United States.

Adding pressure to the rising cost is Iran, which recently threatened to close the Strait of Hormuz, a strategic waterway for transporting fuel.

Traders are also keeping their eye on Nigeria, Africa's top oil producer.

Widespread protests are breaking out there over the government's move to end fuel subsidies. The country pumps about 2.5 million barrels of oil a day.


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