The nation could soon reach $5 per gallon in gas price


Gas rates have soared in the past week, jumping 29 cents in just seven days and raising the national average on Tuesday to a record $4.92 per gallon, according to AAA. In 13 states, the normal gas price has currently topped $5 per gallon, and the rest of the nation might soon follow in crossing that unpleasant turning point, according to experts.

The current rise in fuel expenses comes after months of gradually increasing rates at the pump, which has struck consumers hard as they likewise grapple with rising food and housing costs. But there may be no relief in the near-term, according to analysts, given the dynamics driving the surprising jump in gas prices.

" Now expecting national average to hit $5/gal by June 10, one week earlier than anticipated," Patrick De Haan, an analyst for gas-tracking service GasBuddy, tweeted Monday.

Americans are paying record-high prices for gas as the summertime travel season begins, but so far, consumers haven't changed their driving practices, according to AAA. At a number of stations in California, fuel now tops the federal minimum wage of $7.25 per hour, while one station in Oregon is charging $7.40 a gallon, according to GasBuddy.

Numerous elements are keeping fuel prices high. The benchmark Brent crude oil is now trading at about $120 per barrel, or 68% higher than a year previously, according to FactSet. Behind that rise is the failure of refineries to keep up with increasing need from consumers and businesses as the economy recovers from the initial peak of the COVID-19 pandemic.

Meanwhile, Russia's war in Ukraine is also contributing to greater gas costs. The European Union's choice to drop the majority of the oil it imports from Russia over its attack on Ukraine is pushing crude oil greater, with JP Morgan expert Natasha Kaneva forecasting earlier this month that Brent costs will peak at an average of $122 a barrel in June, partly due to this advancement.

The reason for banning imports of Russian oil is to hurt the nation in the long-term by cutting off its major source or earnings, which is nonrenewable fuel source exports. However in the short-term, such restrictions are injuring Western customers more since the embargoes push petroleum costs even greater.

In the U.S., chauffeurs are paying an average of a minimum of $5 a gallon for fuel in 13 states, according to AAA. They are, in ascending order:

Maine: $5.00 a gallon.

Massachusetts: $5.00 a gallon.

New Jersey: $5.01 a gallon.

Indiana: $5.15 a gallon.

Arizona: $5.16 a gallon.

Michigan: $5.17 a gallon.

Alaska: $5.42 a gallon.

Illinois: $5.45 a gallon.

Washington: $5.45 a gallon.

Oregon: $5.46 a gallon.

Hawaii: $5.48 a gallon.

Nevada: $5.52 a gallon.

California: $6.37 a gallon.

Numerous other states are on the brink of reaching the $5 threshold, such as Pennsylvania, where the average per-gallon expense is currently $4.98; and Idaho, where the normal driver is paying $4.97 a gallon.

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