California’s gas prices hit a new record at $4.68 a gallon, beating the record set just one day before, according to American Automobile Association.
The previous all-time record of $4.67 in California was set in October of 2012. CBS Los Angeles reported the spike is a result of higher crude oil prices as well as pent-up demand for travel caused by the COVID-19 pandemic.
CNN reports that gasoline prices overall are at the highest they’ve been in seven years, and Wall Street banks are warning that oil prices could spike to $100 or even $120.
Nationally, AAA reports the price of a gallon of gas is $3.41, up more than a dollar from one year ago.
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