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Analysts: No End in Sight to Rising Gas Prices

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Gas prices are the highest they've ever been for a President's Day weekend. Some predict drivers could eventually pay $5 per gallon.
 
Here's how current average gas prices stand for a gallon of regular unleaded: $3.97 in Fresno, $3.93 in Merced, and $3.98 in Visalia. Those prices are all up about 17 cents from a week ago.
 
These days, it's not hard to cringe while watching your hard-earned dollars slip away at the gas pump.
 
"I went to go pay. I didn't even see how much it was. And I came to open the pump and I'm like $3.85? I'm like. Are you serious?" said driver Jesse Medina.
 
Prices are nearly at or above $4 dollars per gallon in some spots across the valley. And it's only mid-February. The usual summer spike is no where in sight.

"I'm a life insurance agent, so I gotta travel. Go to people's homes. So, I still gotta keep what i've been doing," said driver Manuel Arreguin. 

Experts say part of the blame over our pain at the pump can be placed on rising tensions with Iran over its nuclear program and lower oil production levels in Libya. Supplies could tighten up by late spring, they said. Some drivers fear that could force prices to eventually top out at $5 per gallon.

Gas station owner Gary Maguire says don't blame him for the recent rise in prices. He makes about 12 to 15 cents profit off a gallon of gas. That isn't much when you think how much more it costs to do business compared to 10 years ago, he said.

"You've got two choices. You could put a high price out there and sell nothing. Put a low price out there and sell everything you want and still lose money. So, you have to try to find a balance there somewhere in the middle," said Maguire.


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