Summary:
- The heat wave caused a surge in gas prices, with the national average up 30 cents in 30 days.
- Triple-digit heat forced oil refineries to reduce production, and Saudi Arabia's oil export cuts further impacted supply.
- 10 states saw significant price jumps in the last week, with Nebraska experiencing a 25 cent increase and Florida seeing a 19 cent surge.
- AAA is hopeful for a price break by Labor Day, but hurricane season remains a potential risk factor.
Gas prices are causing renewed pain at the pump, with the national average up 30 cents in just the last 30 days. The extraordinary heat wave that cooked the country helped fuel the year's biggest spike in fuel prices.
Summer Sizzle and Soaring Gas Prices
Many of the nation's oil refineries are designed to operate between 32 and 95 degrees. Weeks of triple-digit heat force some to reduce production, just as Saudi Arabia cut back on oil exports, reducing global supply and helping drive up the price of crude. All of that combined made this sort of perfect storm for gas prices to go up in the way that they did.Impact on Drivers
The cost of record-setting summer heat is hitting home for drivers across the country. In the last week, 10 states saw prices jump by at least 16 cents a gallon, with Nebraska experiencing a 25 cent increase, Iowa 23 cents, Minnesota 21 cents, and Florida a 19 cent surge.Hoping for Relief
AAA says it is seeing the pace of these increases slow, which gives some hope that we may see a break in prices at the pump come Labor Day. However, there is one big question mark still looming out there, and that is hurricane season. A storm in the Gulf could see prices rise even higher.Chris Van Cleave, CBS News, Washington.