Rising Gas Prices Will Squeeze Americans on Memorial Day

You are currently viewing Rising Gas Prices Will Squeeze Americans on Memorial Day

Thursday was another day of record gas prices in the US as the new national average hit $4,589 gallon. The national average gas price on Wednesday was $4,567 per gallon.

Drivers across the country are feeling the strain as gas prices are rising daily as gasoline prices rise above $4 per gallon in all US states. And with the Memorial Day holiday just days away, some experts are predicting that gasoline prices could rise even higher as Americans hit the road for weekend getaways.

Gas tracking site GasBuddy said it forecasts gasoline prices for the holiday weekend to rise 51 percent year on year to about $4.65 per gallon.

“Amid a backdrop of gas prices that continue to set new records ahead of Memorial Day, Americans have been resilient in their willingness to hit the road, but we’re definitely seeing increasing hesitation due to the rise in pump prices,” said Patrick De. Haan, head of oil analysis at GasBuddy, said: said in a statement.

“Rising inflation has led to uncertainty about rising costs. The COVID factor is still present, but this year it has been overshadowed by Americans’ concerns about high gas prices and the dwindling of affordable travel options to take advantage of the best months of the year.”

As some experts at JP Morgan say CNN They predict gasoline prices could rise to $6 per gallon by the end of summer, De Hann doesn’t see this happening and suggests $5 per gallon is more likely than the national average. But he said $6 per gallon was “Not impossible. But impossible. For no.”

California currently experiences gas prices of $6 per gallon, with the state’s national average gas price early Thursday morning at $6,061 per gallon. American Automobile Association (AAA).

Also on Thursday morning, the lowest gas prices can be found in the states of Oklahoma and Kansas, which hit $4,032 and $4,044 per gallon, respectively, AAA said.

Yardeni Research estimates that US households currently spend the equivalent of $5,000 a year on gasoline. CNBC.

Changes in fuel mixes over the summer, Russia’s invasion of Ukraine, and volatile oil prices combined with record high inflation have caused gas prices to soar in recent months.

In the early hours of Thursday morning, crude oil prices were at $107 a barrel. Oil Price.com

Gas prices, along with gasoline and diesel pumps, are displayed at an Exxon station in Carlsbad, California. Photo: REUTERS

© Copyright IBTimes 2022. All rights reserved.