High gas prices have impacted American drivers for months, and now, the war in Ukraine is pushing oil and gasoline costs to a new level.
As of Monday, a gallon of regular gas cost an average of $3.61 dollars nationally, an increase of ¢8 cents in a week and ¢90 cents compared to last year. Average gasoline prices recently crossed the $4 dollar mark in Nevada, Oregon and Washington.
States where further increases to $4 are expected are New York, Illinois, Arizona and Alaska, where gas prices have risen above $3.80 dollars so far.
There are states where gasoline has been sold for $4 for a long time. For example, drivers in Hawaii are paying an average of $4.57 dollars per gallon, which is just a few cents below the all-time high at which arrived in the state of $4.80 dollars, set to 2012. Experts anticipate that $5 gas could arrive in Hawaii by Memorial Day, which is next 30 in May.
In California, gas prices hit a new record last month and are still rising, averaging $4.80 dollars per gallon on Tuesday. Many gas stations in that state are already charging more than $5 per gallon.
Gas prices vary greatly from state to state due to different taxes and regulations in each state. According to the US Energy Information Administration, 56% of the cost of gasoline to the consumer is based on price alone of wholesale crude oil.
As I’m sure you’ve heard, supply chain issues and the increased of demand caused those prices to rise even before the Russian invasion of Ukraine pushed world oil prices even higher.
If any of these problems worsen, further increases in gasoline in the coming months.
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