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Estimated read time: 2-3 minutes<\/p>\n
WASHINGTON – The gas price spike keeps getting worse.<\/p>\n
The national average jumped to $ 4.87 a gallon on Monday, according to AAA. That’s up 25 cents in the past week and 59 cents in the past month.<\/p>\n
There are now 10 states where the average price of gasoline is $ 5 a gallon or higher, with the latest being Michigan and Indiana. Washington, DC, is also above $ 5.<\/p>\n
New Jersey, Pennsylvania and Massachusetts are just pennies away. Georgia is the only state with an average below $ 4.30 a gallon. Utah’s average price is $ 4.83, according to AAA.<\/p>\n
Unfortunately, prices could continue to climb.<\/p>\n
Veteran oil analyst Andy Lipow told CNN he expects the national average to hit $ 5.05 a gallon in the next 10 days.<\/p>\n
Oil, the biggest component of gasoline prices, continues to get more expensive – even after OPEC + announced plans late last week to ramp up production.<\/p>\n
Gas prices have been driven to record highs by a range of factors, including strong demand for energy as people drive and fly more.<\/p>\n
Supply, on the other hand, has failed to keep up. The United States is pumping less oil than before COVID-19 began, and the market is signaling OPEC + ‘s increase is too little, too late. US crude jumped to a fresh three-month high of $ 120.99 a barrel Monday morning.<\/p>\n
Mark Zandi, chief economist at Moody’s Analytics, told CNN in a phone interview that he is feeling more optimistic about the ability of the US economy to get inflation under control without causing a downturn. But Zandi said the one catch would be a further spike in oil prices.<\/p>\n
“If oil prices go to $ 150, we are going into recession. There is no way out,” Zandi said.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
A gas pump is seen in Washington, DC, May 15, 2021. The national average gas price jumped to $ 4.87 a gallon on Monday, according to AAA. (Andrew Kelly, Reuters) Estimated read time: 2-3 minutes WASHINGTON – The gas price spike keeps getting worse. The national average jumped to $ 4.87 a gallon on Monday, …<\/p>\n
More stories you may be interested in<\/h2>\n<\/div>\n<\/div>\n<\/div>\n
.<\/p>\n","protected":false},"excerpt":{"rendered":"
A gas pump is seen in Washington, DC, May 15, 2021. The national average gas price jumped to $ 4.87 a gallon on Monday, according to AAA. (Andrew Kelly, Reuters) Estimated read time: 2-3 minutes WASHINGTON – The gas price spike keeps getting worse. The national average jumped to $ 4.87 a gallon on Monday, …<\/p>\n