People also ask
How high have gas prices gone up?
It was back in March that prices first broke the record of $4.11 a gallon, which had stood since 2008. That now seems like the good old days: The national average has been rising steadily for the past month, setting 27 records in the last 28 days.
What’s the latest gas price prediction for August?
Here’s the latest gas price prediction. JPMorgan commodities analyst Natasha Kaneva expects a 鈥渃ruel summer鈥?and forecasts that U.S. average gas prices could rise to $6.20 per gallon by August.
Why is gasoline so expensive?
As is the case for so many goods, the price of gasoline largely boils down to supply and demand, reflecting not only the cost of acquiring and refining crude oil, but also the cost of distribution, marketing and taxes. Part of the explanation for increasingly high gas prices lies with Russia’s invasion of Ukraine.
How much did gas prices go up on Memorial Day?
According to AAA, regular unleaded gas prices in the U.S. averaged $4.619 per gallon on Memorial Day, which was a record high. However, diesel prices averaged $5.523 on the day, which was slightly below the all-time high of $5.577 that they hit on May 18.