Gas Prices Soar, Hitting Wallets Hard

0:00It's April 2nd, Canada news today starts now, AI powered and ready. I'm Cory with the story. Gas prices just topped $4 a gallon nationwide on Tuesday, the highest since 2022, thanks to the war with Iran spiking oil costs. Worldwide, wholesale fuel prices are flipping multiple times a day, forcing stations to jack up pumps just to cover what they pay for new shipments. Add in higher credit card fees and pump repairs, and small operators are passing it straight through without much greed. Drivers are feeling the pinch hard, hunting deals stationed to station, to station, or timing Phillips like a chess game. Folks are cutting back on basics to afford the tank, and even station owners say it hurts seeing customers struggle face to face every day. Prices swing by state, city and spot thing distance from refineries, competition nearby, or high volume spots. Retailers near rivals often drop signs low to lure you in for snacks, but their margins actually shrink when gas climbs, hitting inside sales too.

1:03Upstream oil drillers and refineries grab most profits, though they're wary, a big spike could kill demand long term. Keep an eye on that, pump volatility like this means no telling what's next for your wallet.