The record is hardly a surprise. Gas prices have been rising steadily for the last eight weeks, and this latest milestone marks the 15th straight day that the AAA reading has hit a record price, and the 32nd time in the last 33 days.
The national average stood at $4.07 when the current run of price increases began April 15. The current price reading from OPIS represents 23% increase in less than two months.
And the rising gasoline prices is doing more than just causing pain at the pump for drivers. They are a major factor in the prices paid by consumers for a full range of goods and services rising at the fastest pace in 40 years, according to the government’s inflation report Friday.
While a $5 national average is new, $5 gas has become unpleasantly common in much of the country.
Data from OPIS, which collects the readings from 130,000 US gas stations used to compile the AAA averages, showed that 32% of stations nationwide, nearly one of every three, were already were charging more than $5 a gallon in readings Friday. And about 10% of stations across the nation are charging more than $5.75 a gallon.
The statewide average was $5 a gallon or more in 21 states plus Washington DC in Saturday’s reading.
$6 gas could be next
And gas prices are unlikely to stop there. With the summer travel season getting underway, demand for gasoline, coupled with Russian oil shipments cut off due to the war in Ukraine, oil prices are soaring on global markets.
The US national average for…
