The highest average gas prices in U.S. history are expected by Memorial Day, as the national average already tops $4 a gallon, according to GasBuddy.
How much worse will gas prices get? GasBuddy is predicting gas prices could rise to $4.25 a gallon by May 30, 2022.
According to AAA, the national average for gas prices hit $4.065 on March 7, 2022. A week before, the average was $3.610. A month before, the average was $3.441.
GasBuddy reported on March 5, 2022,
GasBuddy expects that gasoline prices will continue to rise in the days ahead, and could be just days away from setting a new all-time record high and continuing to rise through summer. Seasonal factors including increased demand for gas, refinery maintenance and the switch to summer blend gas, on top of current geopolitical tensions, could propel prices upward of $4.25 per gallon by Memorial Day.
Here’s what you need to know:
The Highest Average Recorded Gas Price Was in 2008, AAA Says
You can check the average gas price by state at the AAA link above. Average gas prices in California had soared to $5.343 as of March 7, 2022, the website says. In contrast, in Wisconsin, it was $3.832.
According to CNBC, the Russian war on Ukraine has helped lead to the spike because of the cost of oil. “U.S. oil is trading at levels not seen since 2008,” the site reported.
The Weekly Rise in Gas Prices Was the Second Largest Ever for the Week Ending March 4, 2022
Angry consumers have shared photos of rising gas prices on Twitter, with some blaming Joe Biden.
Others urged people to put it all into perspective.
In a press release on March 5, 2022, the app GasBuddy noted,
As of Friday, the weekly rise in gas prices was the second largest ever, following the rise of 49 cents per gallon during the week of September 3, 2005. Yesterday’s daily rise of 15.8 cents per gallon was also the second largest daily rise ever, coming close to the record of 18.1 cents per gallon set as Hurricane Katrina tore through the Gulf 17 years ago. Diesel prices, however, didn’t share the same fate as gasoline, as diesel soared to its largest daily gain ever: 22.2 cents per gallon, 6 cents higher than the previous record from 2013.
GasBuddy noted these “milestones”:
June 8, 2008: $4/gal is seen for the first time
July 17, 2008: All time record high is set at $4.103 per gallon
May 12, 2021: $3/gal average seen for the first time since 2014
“This is a milestone that was hard to imagine happening so quickly, but with bipartisan support of severe sanctions on Russia, is not exactly surprising – it is the cost of choking off Russia from energy revenue,” said Patrick De Haan, head of petroleum analysis for GasBuddy, in the news release.
“As Russia’s war on Ukraine continues to evolve and we head into a season where gas prices typically increase, Americans should prepare to pay more for gas than they ever have before. Shopping and paying smart at the pump will be critical well into summer.”
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