SPRINGFIELD, Mo. — The national average gas price in the United States has surpassed $5 per gallon for the first time ever, according to Gasbuddy.
Gas prices have surged in the recent weeks as U.S. gasoline inventories have fallen by over 25 million barrels since the start of March amidst a global decline in refining capacity due to the COVID-19 pandemic and accelerated demand going into summer.
Another reason for the jump in prices is due to escalations stemming from the Russian war on Ukraine. Countries choking off Russian oil supply via sanctions are pushing supplies down while the demand for gas continues to rise.
“It’s been one kink after another this year, and worst of all, demand doesn’t seem to be responding to the surge in gas prices, meaning there is a high probability that prices could go even higher in the weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “It’s a perfect storm of factors all aligning to create a rare environment of rapid price hikes. The situation could become even
worse should there be any unexpected issues at the nation’s refineries or a major hurricane that impacts oil production or refineries this summer.”
Gas price records in 2022:
- March 5, 2022: National average price of gas breaks $4 per gallon for the first time since 2008.
- March 7, 2022: National average gas price break previous record: $4.10 per gallon.
- March 10, 2022: Average price of gas peaks at $4.35 per gallon.
- April 29, 2022: Average diesel prices reach $5. 16 per gallon.
- May 5, 2022: March record broken: prices rise above $4.35 per gallon.