For the first time in more than a decade, the national average price for petrol has surpassed $4 a gallon as gas prices continue to rise following Russia’s invasion of Ukraine.
According to AAA, the national average price of a gallon of normal gas was $4.009 on Sunday afternoon. Since last Saturday, the price has risen 8 cents, and it has risen by 40 cents in the last week. Analysts had predicted that the national average of $4 would be reached the day before.
AAA reports that on July 17, 2008, the national average reached a record high of $4.11 a gallon.
An analyst at fuel-saving app GasBuddy, Patrick De Haan, warned in a tweet on Sunday that the national average might reach up to $4.10 by Tuesday, raising the prospect of a record-breaking price for gasoline being breached by Friday.
By May 2022, the average price of gas, according to GasBuddy’s projection, will be $4.25, and it is likely that it will remain over $4 until November.
The company said, “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”.
- Nancy Pelosi Has Joined the Rising Chorus of Democrats Demanding Vice President Joe Biden to Restrict the Entry of Russian Oil Into the Country
According to the U.S. Energy Information Administration, the average cost is also the highest as of May 2011, when it was $3.90.
Russia’s invasion of Ukraine has put pressure on global oil markets, which has led to an increase in the prices of gas in recent days. As consumer spending and travel increase, the relaxation of coronavirus mask restrictions in the United States could have a role.
De Haan told USA TODAY, “American and European Union sanctions are having a severe impact on Russia’s ability to sell crude oil, thus crude prices have skyrocketed”.
The most costly gasoline in the United States
The Golden State’s average gas price of $5.28 per gallon continues to break the state’s record for the highest gas prices and the most expensive gas prices in the country. The cost of gas in California is the highest in the country.
The average price of gas in Mono County, which borders Nevada and is home to Mammoth Mountain, is $5.95. In contrast, petrol costs in Los Angeles have risen to a whopping $6.99 a gallon. In Missouri and Oklahoma, the average cost of gas is $3.60.
According to AAA, the following states have the most costly national average gas prices per gallon:
New York- $4.20
I hope you found the information presented above useful. Please share this article with your friends and family who enjoy such news or information.