US gas prices hit record highs of $ 4.59


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According to the American Automobile Association (AAA), gas prices in the United States have reached record highs over the past 11 days, reaching an average of $ 3,785 per gallon (3,785 liters) on Friday. That’s up 16 cents from last week, about 50 cents a month earlier and $ 1.55 more than last year, a slight increase from Thursday’s previous record.

Also read: What are the best fuel-efficient cars when gas prices are at their highest?

The worst thing is that these records show that gas prices are usually low during the year. “Usually at this time of year we are a little quieter,” said Andrew Gross, AAA national spokesman. Fox Business. “There is often a slowdown in demand between spring break and Remembrance Day, and we had it about two weeks ago, but last week there was a real increase, which is very special. I don’t think I’ve ever seen it. “

Source: gasprices.aaa.com

According to AAA, gas prices in all 50 states on Friday were $ 4,593 per gallon. In California, which has the highest average retail price in the country, drivers paid $ 6,064 per gallon.

There are many reasons for high prices, but some of them are due to high demand, Gross said. Strict delivery also plays a role. If Russia’s invasion of Ukraine continues, drivers will have to wait for higher prices for months. This, among other factors, leads to volatility in the oil market, which raises the price of a barrel of oil.

Source: gasprices.aaa.com

“In August, a barrel of oil was about $ 64, so we were $ 40 and up, and that creates high pressure, because oil is about 60% of what you pay for a pump, so the more expensive the oil, the more expensive the gasoline,” Gross said.

In addition, AAA writes Now gas stations are switching to their summer mixes, which usually add 7-10 cents per gallon to the price of gas. The event happens every year, so it’s not surprising, but we’re in the middle of it now and it won’t end until the season. All this means that it can be a very expensive summer for drivers.

RC Verma

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