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 Friday, gas prices again reached a new peak, an average of $4.33 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.
Ashley White received her earliest combat action badge from the United States Army soon after the first lieutenant arrived in Afghanistan. The silver military award, recognizing soldiers who've been personally engaged by an attacker during conflict, was considered an achievement in and of itself as well as an affirming rite of passage for the newly deployed. White had earned it for using her own body to shield a group of civilian women and children from gunfire that broke out in the midst of her third mission in Kandahar province. All of them survived. She never mentioned the badge to anyone in her battalion.