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Gas Prices Surge, Average Nears 2012 Record High

Earlier this year oil experts predicted a “superspike” in prices by May or June

By Consumer Bob
|  Monday, May 14, 2012  |  Updated 11:39 AM PDT
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Gas Prices Spike Significantly

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SD Explained: Gas Prices

San Diegans saw the highest gas prices ever for this time of year. We teamed up with the Voice of San Diego's Scott Lewis to explain the reason for the prices at the pump. Get more from voiceofsandiego.org here.

Gas Prices Spike Significantly

Gas prices have spiked significantly over the past 48 hours. NBC 7's Chris Chan reports, speaking to those who are paying at the pump.
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If you fill your tank at the start of the work week, expect to pay nearly 13 cents more a gallon than you would have on Friday.

Monday's average is $4.35 - just 3 cents away from this year's record high.

Industry experts say a shortage of supply is leading to the spike in prices.

While most gas stations around the country are lowering their prices, the cost at the pump in Southern California has been going up.

The blame is going to planned shutdowns of oil refineries in the west.

Charles Langley, a gasoline analyst at the Utility Consumers Action Network (UCAN), told NBCSanDiego last week that fuel supplies have driven up the wholesale cost of gasoline by an estimate average of 31 cents a gallon for independently owned gas stations.

Earlier this year oil experts predicted a “superspike” in prices by May or June.

San Diego’s record high price was in May of 2008 at $4.64 a gallon.

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