It seems like the time when oil prices briefly went negative in 2020 were only ever a distant fantasy at this point. Because right now, gasoline and diesel prices everywhere in the US are breaking records. And resetting them. Every single day, since last Monday.
United States Gas Prices Crippling Commuters
There isn’t a single state where the average price of a gallon of regular gas is below $4.00. The average cost for a gallon of regular gas currently sits at $4.57, which is up 47 cents from just one month ago. Diesel prices are even worse, averaging around $5.58 per gallon, 53 cents more than a month ago.
California traditionally has higher gas prices than any other state, and right now, they are averaging over $6 per gallon. Luckily, no other state has reached that number yet, but some analysts are warning that it might not be far off. We could see prices go over $6 a gallon by August across the country. Additionally, according to CNN Business, US gasoline inventories are sitting at their lowest seasonal levels since 2019, which could cause some difficulties in satisfying the intense demand during the summer driving season.
US fuel prices could surge another 37% by August with what’s expected for strong driving demand. California has the highest average gasoline prices in the country, with regular gas sitting at around $6.05 per gallon. Meanwhile, Alaska is at the bottom of the top five, with gas prices at about $5.12 for regular gas. Kansas currently has the cheapest gas in the country, with regular prices at $4.03 on average. Georgia is at the bottom of the top five lowest average gasoline prices at around $4.12. It seems that traveling this summer may need to consider some additional cost to pay for the fuel, which doesn’t seem to be decreasing in price anytime soon.