Business mogul Kevin O’Leary wants to invest in a US refinery, says fossil fuels will stick around
April 13, 2023
Gas prices have skyrocketed overnight to the highest gas prices seen since 2012, and the biggest jump since Hurricane Katrina in 2005.
According to CNN, the national average price for a gallon of regular gas is at $3.84 a gallon as of Friday, according to AAA. Gas prices have increased 18 cents since Wednesday, and 29 cents since Russia invaded Ukraine.
Each of these are greater spikes than when Hurricane Katrina devastated the US Gulf Coast, along with the country’s oil and gas industry. As prices continue to rise, the previous record for the national average ($4.11 set in 2008) will likely be smashed soon.
Tom Kloza, global head of energy analysis for the Oil Price Information Service said, “This is not the end of it. We’re already up another 14 cents on wholesale gas prices this morning. It’s absolutely out of control.”
A year ago, the national average price was $2.75 a gallon. This is largely due to prices recovering from the pandemic and a significant reduction in demand for gas.
Kloza also stated that he could see average prices rise to $4.25 to $4.50 a gallon. “When you get increases this quick, and this dramatic, you really scald the public,” he said.
Currently nine states, including California, Hawaii, Nevada, Oregon, Washington, Alaska, Illinois, New York, and Pennsylvania, have surpassed $4 a gallon.
ARTICLE: JILLIAN WEIDNER
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: ABC57.COM