Rising gas prices expected to keep climbing - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Rising gas prices expected to keep climbing

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SAN DIEGO (CBS 8) —  It's slight, but the price in gas has been going up. 

AAA reported a spike in gas prices 21 times in just 24 days. 

The average price per gallon of self serve regular in San Diego County rose 1.4 cents to $2.98 - the highest it's been since January 2016. 

"I don't think a penny or two is really going to make a huge difference," said SDSU Economics and Finance professor Scott McGann. "But it's a matter of what the summer is going to look like - gas prices typically move up." 

McGann said the increase has a lot to do with OPEC, the Organization of the Petroleum Exporting Countries.  

"With recent indications that OPEC is going to cut productions - not just OPEC but some non-OPEC countries as well - to the tune I think of one and a half million barrels a day, that's going to put some upward pressure on prices," McGann said. 
McGann also said seasonal refinery maintenance plays a huge role. 

"Transition from the winter blend to the summer blend, and when that happens sometimes [there is] a shock to the system but it is a seasonal variation it does happen every year," he said. 
California also tends to pay a higher price due to taxes and some consumers who are willing to pay whatever the cost. 

"We're kind of forced to pay whatever they make us pay," said gas consumer Suzy Mucito. 
Feeling the pain at the pump at mercy of the latest prices, some consumers are considering cutting back in their personal budget. 

"Don't spend money on things I don't really need," Mucito said. 

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