U.S. gas prices highest in 7 years
CBSN
American motorists can expect to pay more to fill up their tanks at least through the end of August, according to AAA. The average price of gas nationwide has climbed to $3.13, a high for the year and up 40% since January 1.
And fuel costs aren't expected to drop anytime soon. "We believe it'll rise another 10 to 20 cents at the pump between now and the end of August," Jeanette McGee, a spokesperson for AAA, told CBS MoneyWatch. The main factors behind the steep climb in gas prices: rising global oil prices, businesses reopening as COVID-19 eases across most of the U.S. and pent-up demand for travel, she added.
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