Surging gas prices have topped a whopping $5 per gallon in greater than 1 / 4 of the country and are expected to climb even higher because the summer travel season gets underway.
Price data from AAA on Tuesday showed that the statewide average of a gallon of gas eclipsed the $5 threshold in Maine, Massachusetts and Latest Jersey — bringing the overall to 13 states.
Those three joined a listing that already included Washington, Oregon, California, Nevada, Arizona, Alaska, Hawaii, Michigan, Illinois and Indiana.
Those within the Big Apple have already been forking over more the five bucks for a gallon of standard unleaded at many gas stations and the common for the remaining of the state is perched at $4.940. The national average climbed greater than five cents Monday to $4.919 per gallon.
“After a blistering week of gas prices jumping in nearly every town, city, state and area possible, more bad news is on the horizon. It now appears not if, but when, we’ll hit that psychologically critical $5 national average,” GasBuddy analyst Patrick De Haan said in a blog post earlier this week.
Several more states are on the verge of hitting $5 per gallon.Helayne Seidman
“Gasoline inventories proceed to say no even with demand softening as a consequence of high prices, a culmination of less refining capability than we had prior to COVID and powerful consumption, a situation that doesn’t look to enhance drastically anytime soon,” De Haan added.
Last month, an analyst at JPMorgan Chase warned that gas prices could surpass $6 per gallon by the tip of the summer.
The worldwide energy market has struggled to maintain pace with demand for months as countries reopen from the COVID-19 pandemic. The Russian invasion of Ukraine has further disrupted shipments and contributed to a recent surge in oil prices.
California has the very best gas prices within the country.Getty Images
The West Texas Intermediate Crude oil index, the US price benchmark, hit $120 per barrel as of Tuesday afternoon. Some experts expect oil to climb even higher in the times ahead, resulting in further pain on the pump for American motorists.
Goldman Sachs expects Brent crude oil prices to hit a mean of $140 per barrel between July and September, according to a note to clients obtained by CNN Business. They added that a “large spike in prices stays quite possible this summer.”
President Biden has largely blamed the surge in prices on Russian President Vladimir Putin. Limited efforts to lower gas prices, reminiscent of a release from the strategic oil reserve, have done little to repair the issue.