Gas prices are now 45 cents higher than they were just one month ago as they continue to climb day by day with no signs of slowing.
Gas prices reached another record high Tuesday, clocking in at $4.622 for regular gasoline. Mid-grade is now nearing $5.00 a gallon, and premium is well over, standing at $5.288.
The current gas price average is three cents higher than it was one week ago, 45 cents higher than it was month ago, and $1.58 higher than it was one year ago. States that saw the highest weekly increase include “Wisconsin (+11 cents), Colorado (+11 cents), California (+10 cents), Utah (+10 cents), Oklahoma (+9 cents), Iowa (+9 cents), Minnesota (+9 cents), North Dakota (+8 cents) and Montana (+8 cents),” according to AAA. California still reigns as the most expensive market, reporting an average of $6.165 per gallon.
A customer pumps gas into their car at a gas station on May 18, 2022 in Petaluma, California. (Justin Sullivan/Getty Images)
West Texas Intermediate crude futures were up a sharp 2.5 percent following the news to $117.42. Brent crude, the global benchmark, was up 1.53 percent to $123.20. Notably, U.S. gas prices tend to move with Brent prices.
Vehicles drive on the Capital Beltway, Interstate 495 ahead of the Memorial Day weekend, May 27, 2022 in McLean, Virginia. (Kevin Dietsch/Getty Images)
In a Tuesday update, AAA pondered if the current state of affairs is the simply the “calm before the storm,” as some industry experts have predicted a “cruel summer” of prices well over $6.00:
Crude oil has moved above $115 a barrel due to fears of further global supply constraints caused by a European Union (EU) ban on Russian oil exports. And domestic gas demand may again start to climb as drivers fuel up for the three-month-long summer travel season, which began this Memorial Day weekend. AAA forecast nearly 35 million travelers hit the road for Memorial Day. It’s the highest number since 2019, despite record prices at the gas pump.
“So far, the pent-up urge to travel caused by the pandemic outweighs high pump prices for many consumers,” AAA spokesperson Andrew Gross said in a statement.
“But 67% of drivers recently surveyed told us they would change their driving habits if gas hit $4.50 a gallon. That number rises to 75% at $5 a gallon. If pump prices keep rising, will people alter their summer travel plans? That remains to be seen,” he added.
Indeed, a recent Emerson College survey found one-third of Americans admitting that high gas prices affected their Memorial Day weekend plans.
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