Monday 16 May 2022 11:58 PM National average gas soars $4.48 per gallon hit $5.98 some states as costs soar ... trends now

Monday 16 May 2022 11:58 PM National average gas soars $4.48 per gallon hit $5.98 some states as costs soar ... trends now
Monday 16 May 2022 11:58 PM National average gas soars $4.48 per gallon hit $5.98 some states as costs soar ... trends now

Monday 16 May 2022 11:58 PM National average gas soars $4.48 per gallon hit $5.98 some states as costs soar ... trends now

Gas prices have rocketed to another record high as the national average hit $4.48 a gallon today.

Prices have surged by 15 cents over the last week, 40 cents over the past month and $1.43 in a year, according to the AAA.

Meanwhile some states - such as California - are reporting spiraling prices of up to $5.98 this week.

Russia's war in Ukraine is having a dramatic impact on the cost of crude oil - which sits at $114.20 a barrel.

This coupled with rising inflation of 8.3 percent are the main culprits why drivers are spending more than $100 to fill up on full tank of regular unleaded gas in nearly a third of the country. 

Gas prices in the US reached all-time high at $4.48 per gallon national average on Monday

Gas prices are up by 27 per cent from the day before Russia brutally invaded Ukraine earlier this year.

'Everything is pointing toward even higher prices. We are well on our way toward $5,' Andy Lipow, president of Lipow Oil Associates, told CNN with prices almost sure to rise higher by Memorial Day, perhaps as high as $4.75 a gallon.

AAA is reporting an average of the average above $5 a gallon in California, Washington, Nevada and Hawaii, with Oregon not far behind.

The average price of gas a year ago was $3.04 a gallon. Prices were recovering from the pandemic when stay-at-home orders and business shutdowns slashed demand for gasoline. 

States recording the highest average gasoline prices as of Monday are California ($5.98), Hawaii ($5.32) and Nevada ($5.17)

States recording the highest average gasoline prices as of Monday are California ($5.98), Hawaii ($5.32) and Nevada ($5.17)

A lack of supply resulted in a gas shortage last summer, sending U.S. gas prices to a seven-year high.

Lipow believes that gasoline production will ramp up in the coming weeks with more US refineries ending maintenance season. and coming online.

Supply is currently at just 97% of 2019 levels. 

But the current jump in prices only serves to worsen headaches caused by inflation which are also affected by the rise in gas prices. 

'The high cost of oil, the key ingredient in gasoline, is driving

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