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Gas prices to be highest since 2014

The national average gas price is expected to rise 19 cents this year to $2.57 per gallon.

Posted: Jan 3, 2018 6:01 PM
Updated: Jan 3, 2018 6:24 PM

The national average gas price is expected to rise 19 cents this year to $2.57 per gallon.

This is the second increase Californians will have seen in just a few months and the highest increase since 2014.

Last year in November, the state's gas tax went up by 12 cents per gallon.

There are several factors that play into the higher prices.

OPEC bears much of the responsibility for cutting oil production. Oil inventories are starting the year with 50 million barrels less than a year ago.

In addition, fuel taxes and the economy's impact on supply and demand has effected the rising gas prices.

Action News Now spoke with a redding resident who travels constantly to Yuba City for work. He shared his thoughts on the rising gas prices.

"Well obviously it hits hard. My wife's car does pretty well. I've got a pick up truck and the diesel just went through the fuel. The gas is 50 or 60 cents more a gallon," said Lou Frere, a Redding resident. 

The nation's yearly gasoline bill will rise to $ 364 billion dollars, some $25 billion dollars higher than what motorists spent last year.

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