U.S. gas prices averaged nationwide to a record high of $ 4.67 per gallon, with prices jumping only 48 cents in May, according to AAA.
States like California and New York can expect to see even higher prices, with a gallon of gasoline costing between $ 4.88 to $ 6.19.
Seven states, including Illinois now, are above $ 5, with New York and Arizona just pennies away from the $ 5 mark.
Kentucky, Tennessee, and Georgia and several other states are doing better with gas prices costing under $ 4.50. Georgia is the lowest at $ 4.16 per gallon. Colorado stands at $ 4.30 today.
On average, consumers can expect to pay 32 percent more than the day before Russia invades Ukraine. It’s also 44 cents higher than the day President Joe Biden, 79, announced the biggest oil version in late March.
The national average for gas is $ 4.67 per gallon, with the national high being $ 6.19 in California
Gas prices have been rising since 2019. Gas has risen by an average of $ 1.57 in the last year.
California remains the highest in the market with an average of $ 6.19 per gallon (photo: a California gas station)
The president of Lipow Oil Associates, Andy Lipow, said the national average could reach $ 4.75 in the next 10 days, CNN reported.
The national average a year ago was $ 3.04, more than a dollar less than the current price.
Wisconsin, Colorado, California are among the states to see the largest rise in prices, all of which are 10 cents or higher.
California and Hawaii remain the nation’s most expensive markets, with the state of Aloha pulling an average of $ 5.43 per gallon behind the gold state.
Prices recovered from the pandemic when orders for home and business closures reduced demand for gasoline. A shortage of supply last summer resulted in a shortage of guests, sending US gas prices high after seven years.
Gas prices continue to rise as oil prices do. Brent crude oil received one percent on Tuesday and another 0.02 percent on Wednesday. It is crawling back to the highest prices in the last three months.
The percentage went after Europe said it would phase out 90 percent of Russian oil by the end of the year if the Ukrainian war continues.
Crude oil is now above $ 115 per barrel due to ‘fears of further global supply restrictions’ since the European deal, AAA reported.
Another reason why gas prices continue to shoot up is the upcoming summer travel season and the ‘shrinking urge to travel’ since the pandemic closed the plans of many holidaymakers over the past two years.
However, a recent AAA survey suggested that 67 percent of drivers would consider staying closer to home if gas prices reach $ 4.50, which the majority of travelers currently experience.
Steam travel plans, however, have yet to be ‘reviewed’, according to a AAA spokesman.
On Monday, a CNN Business expert admitted that there was ‘very little’ that Biden could do amid rising gas prices, despite the network acknowledging that it was a ‘global problem’ that needed ‘global solutions’.
“The unfortunate reality for President Biden is that he can not do much in the short term,” CNN business correspondent Rachel Solomon said.
Colorado is one of the states that saw the largest price increase, with costs rising more than 10 cents (photo: Colorado gas pump)
Los Angeles sees a price tag of $ 8. With the holiday weekend just ending, gas prices could potentially drop as Americans return to their normal routines and could turn demand around.
She also said that President Biden had exhausted his solutions in the short term for high gas prices, including the drilling of the petroleum reserve.
She mentioned the start of the hurricane season and the millions in Shanghai, who are no longer in COVID lockdown, can respond to the demand and would not help an already difficult situation.
During Monday’s CNN show, Solomon said she acknowledged ‘pain is widespread’, and seemed sympathetic but realistic: ‘The options look pretty bleak at this point,’ she said.
“There is very little that any sitting U.S. president can do in the short term to try to lower prices.”
She went on to say, ‘We know that the Secretary of Energy last week told our colleague Matt Egan that all options are on the table and that it remains to be seen what creative solutions they will find.’
US gas prices jump to record high average of $4.67 a gallon nationally Source link US gas prices jump to record high average of $4.67 a gallon nationally