Gas prices are the higher than they've ever been on President's Day. The high prices come just one day after Iran cut oil exports to Britain and France.
In the US—specifically Fresno—the rise in price is hitting consumers hard; the price at $4 a gallon. The rise in price nearly 4 times that of the national average.
Valley Drivers are taking one look at the sign saying “I see it's gone up again” or “it’s crazy” or “horrible” and “very expensive”.
Gas prices are up 15-cents in the last week. Every pump is more painful. “On it empty it’s like $75 to fill up,” says Fresno driver Chris Vang.
In Fresno, gas has hit the dreaded $4 mark. “It’s ridiculous for those who drive every day,” says Vang.
Truck drivers are feeling the heat. Baljit Signh Mall says it takes him $800 to fill his up and it won’t last the whole trip. High gas prices are pulling from their paychecks. “Gas takes most of the money out of my load; it’s effecting me because I don't save as much as I use too,” says Mall.
If you're wondering why the prices is going up, experts say it’s demand, crude oil prices and Iran's recent decision to cut off exports to Britain and France. John Hofmeister, former CEO of Shell Oil says, “The geopolitics in the Middle East are causing a psychology of fear about future supply has probably never been greater. We just don't know from week to week how bad it could get".
Drivers are trying to save to pay the bill at the pump. “I am looking for things on sale at the grocery store and ads in the paper,” says Fresno driver Sam Caldwell. Experts say preparation is a plus because relief may be nowhere in sight. They say Iran's decision to cut oil sales could push Britain and France to turn to the US for oil, and that could swap $4 for $5 by Memorial Day weekend; it’s something consumers don't want to even talk about.
In Fresno, gas prices are 42 cents higher than they were at this same time last year.
Nationally, gas prices are already up nearly 9% from the start of the year.
Christina Lusby Reporting.