Ginger zee, abc news. We have news tonight about the summer's double whammy gas prices on the rise today jumping to an average of $3.68 for a gallon of regular up five cents from a week ago. Tonight... See More
Ginger zee, abc news. We have news tonight about the summer's double whammy gas prices on the rise today jumping to an average of $3.68 for a gallon of regular up five cents from a week ago. Tonight because of the massive heat wave last week, electricity bills are going up as well. Abc's chief business and economics correspondent tells us when both those price hikes may come down. Reporter: Tonight americans in at least 14 majorist cities pay $4 or more for a gallon of gas from connecticut in the east where it's $4.02 to the west where it's $4.10 to chicago where it's $4.17 a gallon. At this station in the heart of chicago, six months pregnant woman is filling up for a staggering $4.48 a gallon. I'm going to stop at $50. Why is that? I don't want to pay anymore for it. Reporter: With a little one on the way, she and her husband are running out of places to cut corners. In just two weeks since the july 4 weekend, prices have surged nearly 30 cents, meaning it would cost more than $100 just to fill up her tank today. Just as gas prices are soaring, so are home cooling costs. We have to have all the lights off during the day, try to keep as many of the lights off as night and try to only run one window unit of like the three or four that we have. Reporter: The intense heat we've across the nation causing many to crank the ac, power companies telling us tonight home cooling accounts for more than 50 percent of your electric bills. Be prepared for a jump in july's bill. While your electric bill may return to normal shortly, gas prices are expected to climb another 5 to 15 cents in coming weeks. Even then we're not out of the woods. Hurricane season is right around the corner, bad weather in the golf frequently leads to price spikes. Experts say it could be late september, even early october before you see gas prices ease. Those are gas prices but electrical bills should come down soon? You should be back to normal as the weather moderates. Still ahead an "world news,"
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