The average price for a gallon of gas nationwide has reached the the $5 threshold, according to Thursday reports.
“According to GasBuddy, the national average has reached $5 per gallon,” said GasBuddy’s Patrick De Haan.
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Gas prices hit another record high Tuesday, the latest in more than a dozen record high days this month.
Gas prices had hit record highs every day for two weeks during May before dipping down slightly. Now, with two consecutive record days, another run of record highs may be on the way.
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Gas prices have soared to new heights this month with the price of unleaded regular gas hitting a record high every day for the past two weeks. With Memorial Day weekend approaching, motorists face steep costs if they plan to travel.
According to AAA, the national average regular unleaded gas price Tuesday came in at $4.60, a record high. Diesel gasoline is at $5.55 per gallon, just below the record set last week.
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Phoenix residents are feeling the effects of the highest gasoline prices in American history, as Tuesday marked the first day that the city’s average price for a gallon per gas was $5.
According to the American Automobile Association (AAA), the average price per gallon of gas in Phoenix Tuesday was exactly $5, an 11 cent jump from Monday’s average of $4.89, and a 28 cent jump from last Tuesday’s average of $4.72. A month ago, the average price of a gallon of gas in the city was $4.56.
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Newly released federal inflation data show that prices continue to rise at the fastest rate in four decades, continuing the trend of soaring inflation.
The Bureau of Labor Statistics released its Consumer Price Index, a key indicator of inflation, which showed prices rose an additional 1.2% in March, part of an 8.5 percent spike in the past 12 months.
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The price of gasoline is set to increase to $4 per gallon or more within five months, according to an industry analysis released Tuesday.
The gas price surge is forecasted to take place by Memorial Day in late May, according to the report from GasBuddy, an app that tracks pump prices, and shared with CNN. But the analysis said the average cost of gasoline at pumps nationwide would then fall throughout the summer and fall of 2022, declining below current prices.
“We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon,” Patrick De Haan, the director of petroleum analysis at GasBuddy, told CNN.
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Oil prices hit a 7-year high this week as American oil and gas companies continue to fight the Biden administration over policies restricting production.
As the economy began to reopen this year and the demand for fuel increased, President Joe Biden, through executive order, halted and restricted oil and gas leases on federal lands, stopped construction of the Keystone Pipeline, and redirected U.S. policy to import more oil from Organization of the Petroleum Exporting Countries and Russia (OPEC+) instead of bolstering American oil and gas exploration and production.
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