Gas prices race back near record highs

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Published: May. 9, 2022 at 11:04 AM CDT
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(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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