Gas Prices Likely to Hit $5 per Gallon in Lakes Area Soon

DETROIT LAKES (KDLM) – The average for a gallon of gasoline in the Lakes Area has jumped more than 20 cents in the last two days, now at a record high of $4.49.

The national average is also at an all-time record of $4.67 a gallon.

AAA says seven states now average $5 a gallon or higher and prices are expected to continue to rise.

Analysts at GasBuddy.com, a tech company that operates apps and websites based on finding real-time fuel prices at more than 140,000 gas stations predicts gas prices to be above $5 a gallon nationwide within the next several weeks.

Low supply, strong demand and a recent deal to ban 90% of Russian oil imports by the European Union by the end of the year are said to be the main factors driving prices up.