Gas Price Spike

A look at the political maneuvering to bring gas prices down.
3:00 | 08/19/12

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Transcript for Gas Price Spike
another spike in the price of gas. New numbers out tonight. A gallon of regular today we learned averaging $3.72 a gallon, up 3 cents in a week. 27 cents in a month. H how high will prices go? There are signs tonight we might just be nearing a peak before possible relief in september. We can only hope. Here is ron claiborne. Reporter: If you think today's gas prices are high, just wait until tomorrow. I don't think we're driving ash and doing as much. Reporter: Some states are seeing record spikes in the price at the pump. In california, an average of $4.10 a gallon. Up 27 cents in just two weeks. In oregon, the price of a gallon, up 29 cents. It is peak summer driving season when high demand normally pushes up gas prices, but that alone doesn't account for what is happening, add to the mix refinery problems and aging pipelines breaking down. High ethanol prices because of the drought and tensions in the middle east. We've seen different disruptions, west coast, great lakes, but even if you're not living in the great lakes or west coast you're still seeing rising gasoline prices. Reporter: With one eye on the gas pump and the other on political calendar, the obama administration says the option of a release of oil from the nation's strategic reserve is on the table. So, what can you do to soften the blow of skyrocketing gas prices other than driving slower or driving less? Not much right now. But things should get better soon. Experts say gas prices are expected to start coming down in another two or three weeks and production switches from higher priced summer glass blend to the lower price winter blend and then the political equation to gas prices. Always. Ran claiborne, great to have you

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