(NEW YORK) — Gas prices have shot up by almost 50 cents per gallon in the last month and prices are continuing to skyrocket across the country.
Drivers in California are paying a whopping $5 for a gallon of gas, while the average price nationwide is at $3.71 per gallon, a record for this time of year. Analysts say it’s because of rising oil prices, but they’re not exactly sure why the cost of oil has spiked so quickly.
Some are blaming rising demand overseas, like from China, while others blame refinery maintenance or speculators on Wall Street.
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Madison Park, Keith Allen and Andreas Preuss, CNN