Gas Prices Hit ‘Unprecedented’ Records At The Pump And Just Keep Rising

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Venezuela Gasoline Pump
A man pumps gasoline at a service station. California cleantech company Siluria Technologies says its process can make cheap gasoline from natural gas.

For the last 11 days, gas prices have hit record highs, with the latest national average reaching $4.593 per gallon, in what the American Automobile Association (AAA) called an “unprecedented” period of price increases.

Andrew Gross, the national spokesman for the automobile group, told Fox News that gas prices are expected to increase throughout the summer, especially if the war in Ukraine continues to wage on.

Currently, all 50 U.S. states are reporting gas prices over $4 a gallon, with California at the highest price per gallon in the nation at an average of $6.064, according to AAA.

The cheapest gas prices to be found are located in Kansas and Oklahoma at an average of $4.048 and $4.033 per gallon, respectively, AAA said.

The national average gas price on Thursday was $4.589 per gallon.

Gas prices are being pushed higher by demand and tighter supplies, and with holiday travel plans looming, relief doesn’t seem to be on the horizon.

“Typically, this time of year we are in a little bit of a lull,” Gross told Fox News. “There is often a demand lull between spring break and Memorial Day and we had a little bit of it about two weeks ago, but then last week, … there was actually an increase, which is very unusual. I don’t think I’ve ever seen that.

“You have this increased demand as well as these really elevated oil prices,” he said.

Crude oil was trading at $112 a barrel as of early Friday morning, according to OilPrice.com

“The oil market is a lot like the stock market and we’ve seen the stock market all over the place,” Gross said, adding, “It’s so volatile right now and it’s very headline driven. It doesn’t take much to spook the oil market.”

However, AAA doesn’t think that the high gas prices will keep drivers off the road come Memorial weekend, as it estimates that 39.2 million Americans will travel at least 50 miles from their home over the holiday, up 8.3% from last year.


Venezuela Gasoline Pump

Photo: Reuters/Jorge Silva

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