Gas prices soaring to near-record highs ahead of summer travel season

FRESNO, Calif. (KFSN) — Gas prices are nearing yet another record high, just ahead of the summer travel season.

GasBuddy reports Fresno gas prices are up more than 13 cents since last week, for an average of $5.57 a gallon.

Local prices are about $1.65 higher than they were a year ago.

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Some analysts predict prices nationwide as high as $4.50 a gallon by summer.

Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the current price sits just a nickel below the highest average price in history – $4.43, set on March 11.

Nationwide, the highest average price for regular-grade gas is in the San Francisco Bay Area, at $5.85 per gallon. The lowest average is in Tulsa, Oklahoma, at $3.80 per gallon. Diesel soared 43 cents to $5.58 a gallon.

Fuel prices are being pushed higher by increasing demand and rising oil prices due to concern about less Russian oil entering the global market.

Oil prices are expected to rise even higher once cities in China lift their COVID-19 lockdowns.

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“China is a very large oil consumer, and if China shuts down along with these big cities, that could mean lower demand,” said Patrick De Haan with GasBuddy. “It could mean lower prices. It just depends on how long these cities are shut down.”

Last month, Gov. Gavin Newsom proposed $400 rebates for Californians with cars to offset rising gas prices.

But according to a new report from the Bay Area News Group, the governor expects the process to take until October.

The Associated Press contributed to this report.

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