Nightly News   |  July 14, 2013

Gas prices on the rise

Gas prices are on the rise, just as many Americans are preparing to hit the road for summer vacations. NBC’s Michelle Franzen reports.

Share This:

This content comes from Closed Captioning that was broadcast along with this program.

>>> gas prices are back in the news tonight, after a large jump of late and they're expected to keep going higher, fueled by rising oil prices right around the time millions of americans are hitting the road. nbc's michelle franzen has more.

>> reporter: at gourmet crust pizza in burbank, california, rising gas prices are eating away at james kiracosian's profits.

>> it makes it harder for us and for our customers. gas prices is something that affects everybody.

>> reporter: now he says he has to pass along some of those fuel costs to his customers adding a delivery surcharge.

>> unfortunately there is no alternative way. you have to get gas. you have to get the pizza out there.

>> reporter: the price for a gallon of regular gas now tops $4 in the golden state . but filling up is starting to add up for drivers all across the country. just this week alone a gallon of regular has jumped 13 cents.

>> it's ridiculous. it's getting high.

>> reporter: gas prices are already up 20 cents from this time last year. the national average for a gallon of regular is $3.60. the spike in prices at the pump are expected to coincide with the peak of the summer driving season, creating a perfect storm for drivers and families on a budget.

>> gas prices being 25 cents more, no, no traveling for us. sorry.

>> reporter: analysts say global crude prices are up, driven by concerns over unrest in egypt and ongoing conflicts in the middle east .

>> right now there are ample supplies of gasoline and crude oil , but there's been a bit of a scare thrown into the market that that surplus isn't going to be with us for very long.

>> reporter: forecasts call for another increase in the next two weeks, anywhere between 10 and 15 cents a gallon but analysts predict prices should taper off after labor day .

>> i am very angry, like everybody else , but unfortunately, there is nothing can be done.

>> reporter: and so kicosian says he plans to ride it out. michelle franzen , nbc news, new york.