MoneyConsumer

Actions

Record-high gas prices reported for seventh day

Oil Prices-Explainer
Posted at 8:16 AM, May 16, 2022
and last updated 2022-05-16 11:20:24-04

For the seventh consecutive day, gas prices hit a record high. According to AAA, the average for a gallon of regular gas reached an all-time high of $4.48 nationwide on Monday after increasing by 1 cent overnight, AAA said.

According to AAA, gas has increased 16 cents in the last week, 41 cents in the last month and $1.44 in the last year. This streak of records topped the nation’s previous record of $4.33 set back on March 11.

AAA notes that there is normally a lull in gas prices between spring break and Memorial Day, but the U.S. is not seeing that this year.

“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers,” said Andrew Gross, AAA spokesperson. “Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.”

Several states — California, Nevada, Washington and Hawaii — are averaging more than $5 per gallon. Meanwhile, three states — Georgia, Oklahoma and Kansas— still have average gas prices below $4 a gallon.

The cost of crude oil jumped significantly from December 2021 through March 2022, going from a low of $65 a barrel to a high of $119.

The sting Americans are feeling at gas stations is shared throughout the world. For instance, the Canadian Automobile Association reports gas hit $5.75 (U.S. dollars) a gallon on Monday. The U.K. is reporting the equivalent of $7.72 a gallon.

Diesel fuel also continues to set records, reaching $5.56 a gallon on Sunday.