Prepare to pay more at the pump – maybe $5 per gallon or more.
Some consumers are already paying more: A gallon of regular gasoline in San Francisco averaged $5 on Thursday. This is the first time a US city has reached such a high rate, said Patrick De Haan, head of petroleum analysis at fuel-saving app GasBuddy.
But the entire state of California will likely reach that mark in the next week or two, and major cities nationwide are likely to follow suit, de Haan told USA TODAY. “Some of the big cities can go up to $5/gallon but not yet immediately,” he said.
Gas prices above $4 per gallon were forecast by Memorial Day before Russia’s attack on Ukraine.
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The highest gas prices in the United States
Since Monday, the national average for a gallon of regular gasoline has risen 11 cents to $3.72, according to the AAA. The organization said average prices were $3.54 a week ago and $3.41 a month ago.
California is the most expensive market in the US, averaging $4.94 per gallon, according to AAA, followed by Hawaii ($4.63), Oregon ($4.16), Nevada ($4.13), Washington ($4.11), Alaska ($4.03), Illinois ($4.02), New York ($3.93), Pennsylvania ($3.88) and Connecticut ($3.85)
The rise in gas prices nationwide is primarily due to The conflict between Ukraine and Russia “The fact that US and (EU) sanctions are having a severe impact on Russia’s ability to sell crude oil, so crude oil prices have skyrocketed,” Gasbody’s De Haan said. tech company app Provides real-time gas price information for over 150,000 stations across the country.
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OPEC+, which includes OPEC members, Russia and other members outside the organization, agreed to continue increasing oil production. Sanctions against Russia, one of the world’s largest energy suppliers, could cause oil buyers to lose access to a major oil seller.
The price of crude oil, a key determinant of gas prices, topped $110 a barrel on Wednesday.
President Joe Biden has warned that sanctions against Russia and other moves to defend Ukraine will cost Americans, and many people began noticing price hikes at the pump last week as the invasion began.
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“I will do everything in my power to reduce the pain the American people feel at the gas pump,” Biden said last month. “This is very important to me.”
The United States and its allies released 60 million barrels of oil from their strategic reserves this week, but a similar move in November 2021 had little lasting effect.
De Haan said in a press release Thursday that demand may increase as COVID restrictions ease and warm weather drives road trips. The record average price in San Francisco, he said, “is likely to be just the beginning of a larger trend of price appreciation in California and the entire country.”
The highest rise in gas prices in the United States
The places where average gas prices have risen the most since last week, AAA saidare Michigan (+39 cents), Indiana (+36 cents), Illinois (+31 cents) and Ohio (+30 cents).
Contributing: The Associated Press
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