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Gas expected to hit $3 per gallon by Memorial Day

Gas Prices

(CNN) -- The price of gas has been on a tear, rising every day for the past 47 days.

The national average is now $2.89 per gallon and is expected to reach $3 by Memorial Day.

Experts cited by CNN say the surge has nothing to do with federal energy policy. Instead, it's about increases in demand as people start driving again coupled with cuts in production by frackers and OPEC.

Oil markets have been recovering swiftly from the pandemic with crude hitting a high of more than $66 per barrel earlier this month.

That's way up from its April low of negative $37 per barrel -- when producers couldn't sell their oil and had to pay to store it.

Many analysts believe we are on the cusp of a new oil "Super-cycle."

But don't worry -- they say oil producers won't let the price of gas go up to $4 a gallon. They know if they do, people will start flocking to electric cars.

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