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Gas Prices Hit New Record High Over Memorial Day Weekend

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Home Economy

Gas Prices Hit New Record High Over Memorial Day Weekend

Experts believe the national average will surge past $5 per gallon this summer

by Cullen McCue
May 29, 2022
in Economy, News
Gas Prices Hit New Record High Over Memorial Day Weekend
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Last Updated on May 29, 2022

The nationwide average cost of a gallon of unleaded gasoline has surged to $4.61, a new record. Experts believe that the average cost could soar to $5 per gallon by July.

A handful of states, including Washington, California, Nevada and Alaska have already eclipsed a statewide average of $5 per gallon, according to Sunday’s AAA report. New York, Illinois and Arizona are all likely to surpass that number if prices soar any higher.

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Gas prices remain their highest in California at $6.07 per gallon.

Just leaving California. Gas prices are skyrocketing there and not slowing down. pic.twitter.com/KusuVDC3Hl

— Patrick Bet-David (@patrickbetdavid) May 25, 2022

As of Sunday, May 29, the national average for unleaded gasoline is now $4.61. Experts expect that the surging costs will force many households to cancel summer plans.

“I don’t think as many people are going to hit the road, and if they do, I think a good portion are going to be staying close to home,” Patrick De Haan, head of petroleum analysis at GasBuddy, told CNBC. “They’re definitely should be a noticeable bump, but my impression is people are not driving as far. The concern is high prices that are keeping people a little closer. There’s also work-from-home that changed things. There’s a strong subset of people that can basically work from the road all the time.”

The national average price of a gallon of gasoline was up about 10% in May, though the number is expected to rise. On May 29, 2020, the national average clocked in at $1.94.

According to Bespoke Investment Group, the 10% spike is the third-largest increase for the month of May since 2005, and the 40% jump in prices year to date is more than twice the historical average.

While gas prices tend to peak around mid-May, experts expect the national average to soar past $5 this July.

“I think these high gas prices are making at least some folks think twice,” said John Kilduff, a partner at Again Capital. “We do see a national average of $5 by July 4th, and we should trend down from there. I think history is going to repeat itself. The refineries are operating at extraordinary rates. They are operating at 97% on the East Coast and Gulf Coast, which are the major refining centers.”

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Tags: Biden EconomyEconomyGas Prices

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