Sunday, June 26, 2022

Gas prices hit record highs as they hit US roads on Memorial Day

Americans who hit the road over Memorial Day weekend were greeted by record-high gas prices as the average cost of a gallon of fuel nationwide was $4.62.

Motorists in California were feeling the strongest pinch on Monday, with some gas stations in parts of Los Angeles, the San Francisco Bay Area and the Yosemite area charging more than $7.25 per gallon — more than the federal minimum wage.

According to AAA, the average gas price in the Golden State is $6.15 per gallon, which is higher than any other in the country. Californians face higher prices because of taxes and surcharges that are added to the base cost of fuel.

The nationwide average, meanwhile, represents a 40% increase from the start of the year. This is also well above last year’s level of $3.04 per gallon.

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Analysts predict more states will exceed the $5 per gallon average by the July Fourth holiday as demand is expected to pick up while supply remains tight.

According to AAA, the average cost of a gallon of fuel nationwide rose to $4.62 on Monday.
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US benchmark West Texas Intermediate rose above $116 a barrel on Monday.
US benchmark West Texas Intermediate rose above $116 a barrel on Monday.
Gary Hershorn/Getty Images
The European Union is meeting on Monday and Tuesday to discuss a sixth package of sanctions over Russia's invasion of Ukraine.
The European Union is meeting on Monday and Tuesday to discuss a sixth package of sanctions over Russia’s invasion of Ukraine.
Steve Pfaust / Newsday RM via Getty Images

“I don’t think as many people will hit the road, and if they do, I think a good chunk are going to live closer to home,” Patrick De Haan, head of petroleum analysis at GasBuddy, told CNBC. ,

“They should definitely be a noticeable bump, but my impression is that people aren’t driving that far. The concern is high prices keeping people a little closer.”

De Haan said: “There are also things like working from home that have changed things. There is a strong subgroup of people who can work from the road basically all the time. ,

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Analysts say the holiday travel season usually brings with it a lot of demand, which could push prices up further.
Analysts say the holiday travel season usually brings with it a lot of demand, which could push prices up further.
Getty Images
A surge in demand following coronavirus-related lockdown measures as well as the ongoing Russian invasion of Ukraine has squeezed oil markets.
A surge in demand following coronavirus-related lockdown measures as well as the ongoing Russian invasion of Ukraine has squeezed oil markets.
Don Emmert / AFP via Getty Images

Global oil prices are also trending upwards. International benchmark Brent crude touched a two-month high above $120 a barrel.

US benchmark West Texas Intermediate rose above $116 a barrel on Monday.

A surge in demand following coronavirus-related lockdown measures as well as the ongoing Russian invasion of Ukraine has squeezed oil markets.

The European Union is meeting on Monday and Tuesday to discuss a sixth package of sanctions over Russia’s invasion of Ukraine.

European Union countries failed to agree on a Russian oil import ban despite last-minute bargaining ahead of a summit in Brussels on Monday.

But the leaders of 27 EU countries would agree in principle to an oil embargo, leaving a draft of their summit’s conclusions later on practical details and tough decisions.

post with wires

Nation World News Desk
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