{"id":30718,"date":"2022-05-31T16:49:37","date_gmt":"2022-05-31T16:49:37","guid":{"rendered":"https:\/\/harchi90.com\/gas-prices-hit-a-new-record-as-more-states-pay-over-5-a-gallon\/"},"modified":"2022-05-31T16:49:37","modified_gmt":"2022-05-31T16:49:37","slug":"gas-prices-hit-a-new-record-as-more-states-pay-over-5-a-gallon","status":"publish","type":"post","link":"https:\/\/harchi90.com\/gas-prices-hit-a-new-record-as-more-states-pay-over-5-a-gallon\/","title":{"rendered":"Gas Prices Hit a New Record As More States Pay Over $ 5 a Gallon"},"content":{"rendered":"<div>\n<ul class=\"summary-list\">\n<li>The average gallon of gas in the US hit a fresh record of $ 4.622 on Tuesday, up 52% \u200b\u200bfrom a year ago. <\/li>\n<li>Now, there are seven states with an average of $ 5 or more for a gallon of gas, and many others hovering just below $ 5.<\/li>\n<li>There is little sign of relief ahead as crude price jumped on the EU&#8217;s Russian oil ban and China&#8217;s move to ease COVID lockdowns.<\/li>\n<\/ul>\n<div class=\"inline-newsletter-signup &#10;                        headline-regular loading\" id=\"formContainer\" data-component-type=\"inline-newsletter-module\" data-event-label=\"10_things_markets\" data-list=\"10 Things Before the Opening Bell\" data-acq-source=\"marketsverticalinline\">\n<section class=\"inline-newsletter-content\">\n<div class=\"js-loader hidden\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"svg-icon \" version=\"1.1\" role=\"img\" width=\"50\" height=\"50\" viewbox=\"0 0 50 50\" style=\"enable-background:new 0 0 50 50;\" xml:space=\"preserve\">\n                        <title>Loading<\/title>\n                        <desc>Something is loading.<\/desc>\n                        <path fill=\"#111\" d=\"M43.935,25.145c0-10.318-8.364-18.683-18.683-18.683c-10.318,0-18.683,8.365-18.683,18.683h4.068c0-8.071,6.543-14.615,14.615-14.615c8.072,0,14.615,6.543,14.615,14.615H43.935z\">\n                          <animatetransform attributetype=\"xml\" attributename=\"transform\" type=\"rotate\" from=\"0 25 25\" to=\"360 25 25\" dur=\"0.6s\" repeatcount=\"indefinite\"\/>\n                        <\/path>\n                      <\/svg><\/div>\n<\/section><\/div>\n<p>US gas prices hit fresh nominal records on Tuesday as the average gallon hit $ 4.622, up roughly 52% from a year ago, AAA data shows. <\/p>\n<p>In addition, more states are seeing gas prices surge past $ 5 per gallon.  Illinois has joined California, Oregon, Nevada, Alaska, Hawaii, and Washington with prices above that mark. <\/p>\n<p>And Arizona plus 10 states in the Northeast, including New York and Connecticut, are within a few cents of $ 5 per gallon, AAA data shows.<\/p>\n<p><iframe title=\"US gas prices\" aria-label=\"Interactive line chart\" id=\"datawrapper-chart-9IQYs\" src=\"https:\/\/datawrapper.dwcdn.net\/9IQYs\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"450\"><\/iframe><\/p>\n<\/p>\n<p>Meanwhile, there is little sign of relief ahead.  Crude price jumped Tuesday on the European Union&#8217;s agreement to ban most Russian crude imports as well as China&#8217;s move to ease COVID lockdowns.  And refineries continue to run nearly full tilt producing more fuel with little spare capacity remaining. <\/p>\n<p>With Memorial Day marking the start of summer driving season, some signs point to subdued demand due to the high prices.  Last week, demand on a four-week rolling basis was its lowest for this time of year since 2013, excluding 2020, according to EIA data compiled by Bloomberg. <\/p>\n<p>The AAA had previously forecasted a driving season that approached pre-COVID levels, but the dip in demand has dashed some of those hopes. <\/p>\n<p>A JPMorgan note on May 18 had predicted the average gallon of gas in the US could rise above $ 6, matching the bar some places in California and other states are already seeing. <\/p>\n<p>As prices continue to hit record after record, it is unlikely that President Biden&#8217;s administration will be able to lower them, an oil analyst told Insider previously.<\/p>\n<p>&#8220;There are very few tools the US administration has because the biggest drivers for gasoline prices are driven by global fundamentals,&#8221; Matt Smith, lead oil analyst at Kpler said.  &#8220;You can make decisions on domestic supply, but if it doesn&#8217;t have an impact on the global picture, it won&#8217;t have an impact at the pump.&#8221;<\/p>\n<p>&#8220;They already used their biggest bullet [with the strategic petroleum release]&#8221;Smith added.&#8221; That was probably the best shot of keeping prices down. &#8220;<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The average gallon of gas in the US hit a fresh record of $ 4.622 on Tuesday, up 52% \u200b\u200bfrom a year ago. Now, there are seven states with an average of $ 5 or more for a gallon of gas, and many others hovering just below $ 5. There is little sign of relief &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/gas-prices-hit-a-new-record-as-more-states-pay-over-5-a-gallon\/\"> <span class=\"screen-reader-text\">Gas Prices Hit a New Record As More States Pay Over $ 5 a Gallon<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":30719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[],"jetpack_featured_media_url":"https:\/\/i.insider.com\/62960960f099c4001956ce9d?width=1200&format=jpeg","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/i.insider.com\/62960960f099c4001956ce9d?width=1200&format=jpeg","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/30718"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=30718"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/30718\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media\/30719"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=30718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=30718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=30718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}