According to AAA, US petrol prices have risen to a record high of $4.67 per gallon on average across the country, with prices jumping 48 cents in May alone.
Gas prices are expected to rise much more in states like California and New York, where a gallon of gas costs between $4.88 and $6.19.
Seven states, including Illinois, are now above the $5 level, with New York and Arizona just cents away.
Gas costs in Kentucky, Tennessee, and Georgia, as well as several other states, are less than $4.50. At $4.16 a gallon, Georgia has the cheapest gas. Colorado’s price is at around $4.30.
Consumers may expect to pay 32% more on average than they did the day before Russia invaded Ukraine. It’s also up 44 cents from the day in late March when President Joe Biden, 79, announced the greatest oil release.
Andy Lipow, owner of Lipow Oil Associates, told CNN that the national average might approach $4.75 in the next ten days.
The national average was $3.04 a year ago, about a $1 less than it is now.
Stay-at-home orders and company shutdowns decreased demand for fuel just as prices were recovering from the pandemic. Last summer, a lack of supply caused a gas scarcity, driving up gas prices in the United States to a seven-year high.
Gas prices are rising in lockstep with oil prices. On Tuesday, Brent crude oil increased by 1%, and on Wednesday, it increased by 0.02 percent. It’s moving back up to its highest point in three months.
The percentage increased after Europe announced that it would phase out 90% of Russia’s oil by the end of the year, despite the fact that the Ukrainian conflict continued.