The average price of a gallon of gasoline topped $5 in the United States. According to American Automobile Association’s gas tracker, the price of gas jumped by 19 cents over the past week to just over $5 for regular. Mid-grade costs $5.37, while a gallon of premium will set you back $5.66 a gallon. Diesel fuel is even more expensive, selling for an average of $5.76 a gallon.
California has the highest-priced gas in the country at $6.43 a gallon, while Georgia boasts the cheapest gas at $4.46 a gallon.
Over the past 12 months, the cost of gasoline has surged by $1.93.
There are many reasons for the continued rise of gas prices. As demand for gas heats over in the U.S. and China heats up, global production has been unable to keep pace, in part because of the war between Russia and Ukraine. Sanctions on Russian oil reduced the supply, and other oil-producing countries haven’t been able to meet the increased demand. In addition, several oil refineries in the U.S. were shut down during the coronavirus pandemic and have not resumed operations.
Gas prices are expected to keep rising and could spike even higher if there is an active hurricane season.
“Even just the threat of a hurricane, that can shut down crude production, particularly in the Gulf Coast, and that can also cause oil prices to rise,” AAA spokesperson Devin Gladden told Fox Business.