Gasoline prices in Fresno already increased beyond $4 per gallon this week at some places in town.
And gas prices are projected to rise even more going into the summer in the aftermath of President Donald Trump’s decision to withdraw from the Iran nuclear deal.
A year ago, the national average for was $2.34 for a gallon of gas, according to a CNN Money report. These days, that national average has jumped to $2.81 per gallon.
Those in Fresno can probably add a dollar on top of the national price, with high state taxes and stringent standards for reformulating gasoline raising consumers’ costs in the Golden State.
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Prices of crude oil and gasoline already had been steadily rising. Wednesday’s oil surge brought prices to its highest prices in more than three years, according to CBS News.
Trump’s decision on Iran could mean less oil on the world market from Iran, and higher gas prices.
Iran increased its oil production by 1 million barrels per day after sanctions were lifted back in 2016. Some of that oil now will be pulled from the market, experts project.
But it’s not clear how high prices will go.