Gas prices are continuing to rise to new record highs, with the national average at $4.36 per gallon.
The previous record national average was $4.35 per gallon, recorded on March 10 after the Russian invasion of Ukraine began, according to GasBuddy. The ongoing crisis in Ukraine has caused gas prices to remain volatile, according to GasBuddy.
Gas prices are expected to continue to rise going into Memorial Day and the summer. Ultimately, the continuing rise of gas prices may put a lot of summer road trips on hold this year.
“Liquid fuels have turned into liquid gold, with prices for gasoline and diesel spiraling out of control with little power to harness them as the imbalance between supply and demand globally continues to widen with each passing day. Russia’s oil increasingly remains out of the market, crimping supply, while demand rebounds ahead of the summer driving season. There’s little, if any, the good news about fuel prices heading into summer, and the problem could become worse should we see an above-average hurricane season, which could knock out refinery capacity at a time we badly need it as refined product inventories continue to plummet,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
The main reason? Oil. According to AAA, oil is getting more expensive. Just over the last few weeks, gas prices have gone up 20 cents nationally as crude oil prices go up. Last week it was $110 per barrel, this week it is $110 per barrel. The increased demand for gas plus high oil prices are what is contributing to the price increases. To put it in perspective gas prices are currently $1.36 higher than this time last year, according to AAA.
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