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US gas prices soar to national average RECORD high of $4.67-a-gallon: Prices jumped 48 cents in May and experts predict another spike within next 10 days
- The national average for a gallon of gasoline hit $4.67 in the United States on Wednesday
- Cost per gallon of gas in states like California are up over $6, six other states top $5/gallon
- Georgia has the lowest price per gallon at $4.16, one of the nine other states that sit below the $4.70 mark
- Andy Lipow, president of Lipow Oil Associates, believes the national average could go up to $4.75 within the next 10 days
US gas prices have soared to a record high of $4.67 per gallon on average nationally, with prices jumping 48 cents in May alone, 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 faring better with gas prices costing under $4.50. Georgia is the lowest at $4.16 a gallon. Colorado sits around $4.30.
On average, consumers can expect to pay 32 percent more than the day before Russia invaded Ukraine. It is also up 44 cents higher than the day President Joe Biden, 79, announced the largest oil release in late March.
The national average for gas is $4.67 a gallon, with the national high being $6.19 in California
California remains the highest in the market with an average of $6.19 a gallon (pictured: a California gas station)
The president of Lipow Oil Associates, Andy Lipow, said the national average could hit $4.75 in the next 10 days, CNN reported.
The national average a year ago was $3.04, over a dollar less than the current price.
Wisconsin, Colorado, California are among the states to see the biggest rise in prices, all of which are up 10 cents or higher.
California and Hawaii remain the nation’s top most expensive markets, with the Aloha state pulling in behind the golden state at $5.43 per gallon on average.
Prices were recovering from the pandemic when stay-at-home orders and business shutdowns slashed demand for gasoline. A lack of supply resulted in a gas shortage last summer, sending U.S. gas prices to a seven-year high.
Gas prices continue to rise as oil prices do. Brent crude oil gained one percent on Tuesday and up another 0.02 percent on Wednesday. It is creeping back up to the highest prices in the last three month.
The price of crude oil is now up to $115 a barrel, jumping after Europe said it would phase out Russia oil by the end of the year. Rising crude oil prices are continuing to drive up gas prices, as well as, the upcoming travel season
The percentage rose after Europe said it would phase out 90 percent of Russia oil by the end of the year as the Ukrainian war continues to rage on.
Crude oil is now more than $115 a barrel due to ‘fears of further global supply constraints’ since the European deal, AAA reported.
Another reason gas prices are continued to soar is the upcoming summer travel season and the ‘pent-up urge to travel’ since the pandemic shut down many vacationers plans over the last two years.
However, a recent AAA survey suggested 67 percent of drivers would consider staying closer to home if gas prices hit $4.50, which the majority of travelers are experiencing right now.
However, dampened travel plans have yet to ‘be seen,’ according to an AAA spokesperson.
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