National average price for regular gas is over $5 a gallon for the first time


This is the highest recorded average price for a gallon of gas, according to AAA’s website tracking data, and marks the 15th straight day of a new record high. On Friday, the national average for regular gasoline rose to a record of $4.99 a gallon.

Just one year ago, the national average stood at $3.077 per gallon, according to AAA.

How high the average gas price will go

Adjusted for inflation, however, gas prices are not at record highs. The inflation-adjusted record was set in June 2008 when they averaged $5.38 a gallon, according to the US Energy Information Administration.

A barrel of crude oil is now above $120 a barrel, up from less than $100 a month ago. Multiple analysts and the EIA predict oil prices will keep rising.

The national average for gasoline could be close to $6 by later this summer, according to Tom Kloza, global head of energy analysis for the OPIS, which tracks gas prices for AAA.

“Anything goes from June 20 to Labor Day,” Kloza said about the demand for gas as people hit the road for long-anticipated getaways. “Come hell or high gas prices, people are going to take vacations.”

Quoted from Various Sources

Published for: Ipodifier