Gas prices in the United States hit another record high
Gas prices in the United States rebounded to a new record high again on Sunday, touching an all-time high of $4.61 a gallon. This is more than 50 percent higher than the cost per gallon a year ago.
The pump price hike came as tens of thousands of Memorial Day weekend vacationers began enjoying some time with family and friends after two years of uncertainty over the coronavirus.
The daily Mail Experts predict that a new set of numbers is likely to cross the $6 mark by the end of the summer — as pumping costs in West Coast cities like Los Angeles and San Francisco already tipped that mark earlier this month.
Last week, the price of a gallon in each of the 50 states crossed the $4 mark, affecting many’s travel plans.
By the July Fourth holiday, more states could see average prices above $5 a gallon, analysts say, spurred by the economy-wide inflation under President Joe Biden.
Biden complained on Friday that he was “tired” of Americans blaming him for inflation rather than the coronavirus pandemic or Putin. https://t.co/mj0hybMG9t
– Breitbart News (@BreitbartNews) March 11, 2022
“I don’t think a lot of people are going to hit the road, and if they do, I think a good portion will stay close to home,” Patrick de Haan, head of petroleum analysis at GasBuddy, told CNBC.
“Sure it must be a noticeable bump, but my impression is that people don’t drive long distances. The concern is the higher prices that bring people a little closer. There is also working from home that has changed things. There is a strong subset of people who can work primarily from way all the time.”
Vehicles drive on the Capital Beltway, Interstate 495 before Memorial Day weekend, May 27, 2022 in McLean, Virginia. Despite record-high gas prices, AAA predicts Memorial Day car travel will be the busiest since 2019 as more than 34 million Americans travel more than 50 miles. (Kevin Deitch/Getty Images)
AAA expects a total of 39.2 million people to travel 50 miles or more this weekend, an increase of 8.3 percent from last year. Of that, 4.6 percent of drivers are expected to be on the road over the three-day weekend, but that number is still 7.2 percent lower than in 2019, according to the report.
Across the United States, prices vary widely, with an average price of $6.07 per gallon in California and $4.13 per gallon in Georgia.
With higher prices hitting consumers, analysts say they won’t fill up their cars as often, and lower demand could serve to dampen the pace of further price increases.
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