Gas prices race back near record highs
(CNN/KCRG) - Gas prices are once again flirting with record highs, and that’s adding to inflation headaches.
AAA says the national average for regular gasoline rose to about $4.32 Monday, a fraction of a penny shy of the all-time high set on March 11.
Gas prices have climbed 13 cents over the last week and stand well above the recent low of $4.07 a gallon.
Analysts partially blame less Russian oil entering the global market.
Some analysts predict we could see an average price as high as $4.50 a gallon by summer.
On Monday, AAA’s website lists the average price per gallon in Iowa at just over $4.
In another blow to the inflation outlook, diesel prices are also spiking.
The national average for diesel hit another record of $5.54 cents a gallon Monday.
That’s up 22 cents in a week and 49 cents in a month, according to AAA.
Demand is expected to keep rising as China lifts its COVID-19 lockdowns.
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