The rise in gas prices continues to worsen. According to AAA, the national average for gasoline increased to $4.87 a gallon on Monday. That’s a 25-cent increase in the last week and a 59-cent increase in the last month. With Michigan and Indiana joining the list of states with average fuel prices of $5 or higher, there are now ten states with average gasoline prices of $5 or more. Washington, D.C., is likewise above the $5 threshold.
New Jersey, Pennsylvania, and Massachusetts are all within a few miles of each other. Georgia is the only state where the average price per gallon is less than $4.30. In all, more than one out of every five gas stations in the United States now charges more than $5 a gallon for standard gasoline, with slightly more than half costing $4.75 or more.
Andy Lipow, a veteran oil expert, told CNN that the national average will approach $5.05 per gallon in the next ten days. Even though OPEC+ announced intentions to increase output late last week, oil, the most costly component of gasoline prices, continues to rise. A number of reasons have pushed gas prices to new highs, including increased demand for energy as people drive and fly more.
On the other side, supply has fallen behind. The US is pumping less oil than before the start of Covid-19, and the market is indicating that OPEC+’s rise is too little, too late. Monday morning, US crude surged to a new three-month high of $120.99 per barrel before retreating. Manuel Santana, an EMT in the Bronx, said that just a few months ago, filling up his tank to drive to work cost him $40. Now, it costs about $60.
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