PAIN AT THE PUMP: Gas Prices Nearing Record Highs, AGAIN
Gas prices across the United States are near record highs again, and drivers in California are already seeing prices at or near $6 a gallon. The price of gasoline is soaring due to inflation and the Russian invasion of Ukraine, both of which caused gas prices to set a new record high for four consecutive days in early March. And just as prices appeared to be plateauing, a new surge in prices has begun • Full Story
Yeshiva World News
Gas prices across the United States are near record highs again, and drivers in California are already seeing prices at or near $6 a gallon.
The price of gasoline is soaring due to inflation and the Russian invasion of Ukraine, both of which caused gas prices to set a new record high for four consecutive days in early March. And just as prices appeared to be plateauing, a new surge in prices has begun.
According to AAA, the average price for a gallon of gasoline in the U.S. was $4.32 as of May 9th, though in California the average was $5.82 a gallon.
“The cause of this week’s spike in gas prices is similar to that in March, largely due to Russia’s war on Ukraine and resulting sanctions on Russian energy, compounded with continuing supply recovery following Covid-19 related imbalances,” said Nicole Peteren, a spokesperson for GasBuddy.
“Now that the E.U. might sanction Russian oil, and we are experiencing more demand as summer driving season begins, oil prices have risen on concern that supply could become even more limited,” she added.
Petersen said that the “majority of factors” point to gas prices continuing to rise, especially if the European Union follows through on plans to wean itself off Russian oil.
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