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Record-high gas prices reported in US for seventh day

Oil Prices-Explainer
Posted at 9:16 AM, May 16, 2022
and last updated 2022-05-16 11:27:34-04

Gas prices in the US have hit a record high for the seventh consecutive day

According to AAA, the average for a gallon of regular gas reached an all-time high of $4.48 nationwide on Monday after increasing by 1¢ overnight.

AAA reports gas has increased 16¢ in the last week, 41¢ in the last month and $1.44 in the last year.

This streak of records topped the nation’s previous record of $4.33 set back on March 11.

AAA notes that there is normally a lull in gas prices between spring break and Memorial Day, but the U.S. is not seeing that this year.

“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers,” said Andrew Gross, AAA spokesperson. “Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.”

Several states — California, Nevada, Washington and Hawaii — are averaging more than $5 per gallon. Meanwhile, three states — Georgia, Oklahoma and Kansas— still have average gas prices below $4 a gallon.

The cost of crude oil jumped significantly from December 2021 through March 2022, going from a low of $65 a barrel to a high of $119.

The sting Americans are feeling at gas stations is shared throughout the world. For instance, the Canadian Automobile Association reports gas hit $5.75 (U.S. dollars) a gallon on Monday. The U.K. is reporting the equivalent of $7.72 a gallon.

Diesel fuel also continues to set records, reaching $5.56 a gallon on Sunday.

AAA reports the average price of a gallon of gas in Montana stood at $4.27 on Monday.