Analysts warn that gas prices could rise even higher as demand rises in the spring and summer and Russia’s invasion of Ukraine drags on.
WASHINGTON – It’s no secret that gas prices are rising in the United States
The rise in prices is partly due to high demand as the country begins to return to normal after the COVID-19 micron surge, global oil instability due to Russia’s invasion of Ukraine and renewed concerns about domestic production after President Joe Biden announced a total import ban. Russian energy as punishment for the invasion.
Nationally, a gallon of gas costs about $ 4.25 on Wednesday, according to the AAA, the highest since 2014, when the country emerged from the 2008 recession. This is a jump of 8 cents from the record that was reached just the day before. But since this is only an average, there are many states where tank refueling can be even more expensive.
Tops this list, and for none of those who have ever lived there, is California. According to the AAA, the average price in Golden State is $ 5.57 per gallon, driven by additional state taxes on gasoline.
On the opposite side of the spectrum are Kansas and Oklahoma, both of which have a gallon of gas averaging $ 3.79.
Inflation can lead to even higher prices, as the price of $ 4.25 per gallon of gas does not take into account inflation. In fact, the last time gas was so expensive, inflation was lower, which means that the relative price of gas was higher (similarly, a bar worth 25 cents in 1980 now costs more than a dollar).
To date, the record price will be about $ 5.24, adjusted for inflation.
“Forget about the $ 4 a gallon mark, the country will quickly set new records all the time, and we can get closer to the national average of $ 4.50,” said GasBuddy analyst Patrick De Haan. “We’ve never been in this situation before, with such a level of uncertainty … Americans will be in pain from rising prices for quite some time to come.”
Here’s the average gas price in each state (plus Washington)
The Associated Press contributed to this report.