The pain at the pump continues as the national average price of a gallon of gasoline rises above $ 5 for the first time in the United States.
According to the AAA, the average price is now 5.01 per gallon and that is 58 cents a month earlier and 1.94 higher than a year ago.
Unfortunately, higher prices are expected to continue as the agency notes the latest data from the US Energy Information Administration that domestic gasoline stocks fell 800,000 barrels last week, with demand for gasoline rising from 8.98 million barrels per day to 9.2 million. You don’t have to be an economist to understand that it equates to high prices, low supply and high demand.
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While the national average is $ 5.01 per gallon, California residents will probably find it cheaper because they are paying an average of $ 6.43 per gallon. Other expensive states include Nevada ($ 5.65), Alaska ($ 5.56), Illinois ($ 5.56), Washington ($ 5.54), and Oregon ($ 5.53). However, in West Virginia, Montana, Colorado, Kansas, Virginia, Missouri, North Dakota, Indiana, Ohio and New Mexico, the average petrol price rose more than 20 cents last week, pushing prices virtually everywhere.
In a statement, AAA spokesman Andrew Gross said: “Based on the demand we see, high prices do not seem to have really discouraged drivers.” However, he noted, “If the price is $ 5 or more, we can see that people are starting to change their daily driving habits or lifestyles, but that hasn’t happened yet.”
– Geoff Norcross OPB (@OPBmorning) June 12, 2022