Gas Prices In US Are Back To Record Highs, Oil Up Only Slightly05/13/2022
After several weeks of steady declines through March and April, average gasoline prices in the US have risen sharply in May. According to the US Energy Information Administration (EIA), the national average price for regular-grade gas currently stands at $4.33. That is a new record high, exceeding the previous record of $4.32 set on March 14, 2022. The news is even worse for diesel, which stands at $5.62 per gallon and yes, that’s also a record high. It’s 12 cents more than the previous record of $5.50, set just last week.
It’s important to note that the EIA publishes information on a weekly basis. As such the most recent data comes from May 9, but prices are likely to be even higher in the next update. AAA calculates daily averages, and its report for today (May 13) shows a national average gasoline price of $4.43 per gallon. That’s 10 cents more than the EIA’s report, and diesel is also higher at $5.56. Overall, in just the last two weeks diesel has increased nearly 50 cents, while gasoline has jumped 23 cents.
The most expensive areas continue to be western states, specifically California where gas costs $5.87. The central United States offers the lowest prices, with averages close to $4.00. Presently, Georgia has the cheapest gas at $3.95. The only other state under $4.00 is Kansas, though just barely at $3.99 per gallon.
There is still some volatility in the oil market and prices have risen slightly, but not to record levels as we’ve seen with gasoline and diesel. As of May 13, Brent crude closed up at $111.40, a modest increase of $3.94 from the previous day. WTI crude was also up at $110.30, a jump of $4.15. Both levels are still well under record highs seen in March following Russia’s invasion of Ukraine.
The United States is just two weeks away from Memorial Day weekend, which marks the unofficial kickoff to the summer travel season. And with gasoline and diesel prices at all-time highs, it looks like travelers will be paying more than ever to hit the open road.
Sources: US Energy Information Administration, AAA
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