3 reasons why gas prices are so high — and when they might come down
CBSN
Gas prices are hitting record highs almost daily, causing financial pain at the pump for millions of Americans. But it's also spurring questions about why fuel is so expensive — and who's to blame. Consumers are also wondering when they might see some relief.
Not surprisingly, soaring gas prices are having a very real impact on household budgets: A typical family may incur additional costs of $2,000 this year simply due to the higher costs, according to one Wall Street estimate. On Thursday, gas prices again reached a new peak, an average of $4.31 a gallon, according to AAA. Prior to this week, the previous record was $4.10 a gallon in 2008, just before the financial crisis.
Suddenly, fuel prices are a major topic of discussion, with families budgeting for higher gas costs and cutting spending in other areas. Some Americans are already driving less due to the higher prices. One in three adults say they reduced their car usage last month, with most blaming gas-pump sticker shock, according to Morning Consult.
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