The average price for regular-grade gasoline has reached $5.10 per gallon in the U.S.
This price has gone up 39 cents in just three weeks after jumping about 30 cents only weeks before that. The average gas price is $1.97 high than it was for the same time in 2021.
The price of gas has gone up due to higher crude oil costs and tight gasoline supplies, industry analyst Trilby Lundberg of the Lundberg Survey told the Associated Press on Sunday. Other reasons include an increase in demand as Americans travel for summer, the Russia-Ukraine war, and inflation.
The American Automobile Association reported that the highest average price for regular-grade gas is $6.55 per gallon in the San Francisco Bay Area. The lowest average is $4.43 per gallon in Baton Rouge, Louisiana.
On Friday, inflation hit a new 40-year high at 8.6%. Families are reportedly spending roughly $346 a month more than in 2021.
“Virtually every sector has higher-than-normal inflation,” Ethan Harris, head of global economic research at Bank of America, told the AP on Friday.
“It’s made its way into every nook and cranny of the economy. That’s the thing that makes it concerning, because it means it’s likely to persist,” Harris said.