US gas prices hit an all-time record Tuesday, and experts do not expect prices to ease any time soon.
The average price for regular gas in the US was $ 4.37 per gallon on Tuesday, according to AAA:. Diesel prices also hit a record $ 5.55 per gallon.
Tuesday’s price beats the previous record: set in early March:, after Russia launched its invasion of Ukraine. Adjusted for inflation, however, gas prices have yet to surpass the 2008 record, which would be: more than $ 5 per gallon today:.
The rising prices at the pump are compounding inflationary pressures for US consumers. Inflation rates hit a: 40-year high in March: after the consumer price index jumped 8.5% annually.
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When will gas prices go down?
Experts say drivers can expect price volatility to continue at the pump throughout the summer.
“There’s little, if any, good news about fuel prices heading into summer,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a Tuesday news release.
He added that prices “could become worse” if hurricane season, which starts next month in the Atlantic, hurts refinery capacity.
Why do gas prices keep going up?
Prices began to spike after the European Union signaled that it was looking to sanction Russian oil, according to GasBuddy. European Commission President Ursula von der Leyen called upon the bloc to ban oil imports from Russia last week.
Patrick De Haan said gasoline and diesel prices were “spiraling out of control” as demand continues to outpace supply.
“Liquid fuels have turned into liquid gold,” he said in the release. “Russian oil increasingly remains out of the market, crimping supply while demand rebounds ahead of the summer driving season.”
Where are the highest gas prices in the US?
Here are the highest regular gas prices per gallon in the US as of Tuesday, per AAA:
- California: $ 5.84:
- Hawaii: $ 5.30:
- Nevada: $ 5.13:
- Washington: $ 4.87:
- Oregon: $ 4.85:
- Alaska: $ 4.77:
- Washington, DC: $ 4.71:
- Illinois: $ 4.69:
- Arizona: $ 4.67:
- New York: $ 4.57:
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