Business

US gas prices soared by 47 cents over the past month to record highs

By
Social Links for Ariel Zilber
Published May 26, 2022, 8:11 a.m. ET

The average price of a gallon of gasoline in the United States hit a new record of $4.60 on Thursday — a whopping 47 cents more than it cost just a month ago.

In late April, a gallon of fuel cost $4.13 while last year at this time the price stood at $3.04.

California is by far the most expensive state to fill up the car. The average price of a gallon of gas in the Golden State is slightly more than $6.

In some gas stations in Southern California, the Bay Area, and the Yosemite region, the price of a gallon of fuel has surpassed $7.25, making it more expensive than the federal minimum hourly wage.

States that have surpassed the $5 a gallon threshold include Alaska, Hawaii, Nevada, Oregon, and Washington.

New York and Arizona appear poised to join the $5 a gallon club. Their gas prices are around $4.90 a gallon.

New York motorists are already paying more than $5 per gallon in some parts of the state.

Drivers in White Plains are paying an average of $5.03 per gallon. Prices in metro area throughout the state are hovering near $4.90, with the Duchess-Putnam County area and Kingston within fractions of the $5 threshold.

Utah, Idaho, Vermont, New Jersey, Connecticut, Massachusetts, the District of Columbia, New Hampshire, and Rhode Island have average gas prices that range from $4.60 to $4.86 per gallon.

The figures were compiled by AAA.

The oil markets do not appear to be ready to provide any relief, at least in the immediate short term.

US crude rose by 0.78% on Thursday to $111.20 per barrel while Brent crude ticked up 0.68% to $114.80 per barrel.

The Russian invasion of Ukraine prompted further instability in a global energy market that was already struggling to keep pace with pandemic-era demand.

In some parts of California, including the Bay Area, Southern California, and the Yosemite region, gas stations are charging customers $7.25 a gallon.
In some parts of California, including the Bay Area, Southern California, and the Yosemite region, gas stations are charging customers $7.25 a gallon. Getty Images

Prices skyrocketed even higher in recent days as the European Union mulls a possible ban on Russian oil shipments and the market braces for increased demand from summer travelers.

JPMorgan analysts have warned the national average could hit $6 per gallon by the end of the summer unless conditions improve. American families are reportedly spending at a rate of $5,000 per year just to fill up their gas tanks.