National Average Price of Gas Spikes to $5/gal, Crushing Previous Record – GasBuddy

Average gas prices are up 66c/gal in the last month as gasoline supply tightens

The national average price of gas in the U.S. surpassed $5 per gallon today for the first time ever, according to GasBuddy, the leading fuel savings platform saving North American drivers the most money on fuel. This long-anticipated milestone comes behind months of gas price increases across the country, accelerated by the rise in seasonal demand amidst supply constraints borne out of the pandemic.

Gas prices have surged in recent weeks as U.S. gasoline inventories have fallen over 25 million barrels, or over one billion gallons, since the start of March amidst a global decline in refining capacity due to the COVID-19 pandemic and accelerated demand going into the summer. The price of oil has also jumped due to escalations stemming from the Russian war on Ukraine, as countries choke off Russian oil supply via sanctions, pushing supply down at a time of rising demand. In addition, U.S. refining capacity has fallen by some 1 million barrels per day over the last three years. All of these factors have created an environment ripe for a surge in gas prices, while Americans balk at prices but continue filling up as demand has seen little decline.

Gas price records set in 2022:
March 5: National average price of gas breaks $4/gal for the first time since 2008
March 7: National average price of gas breaks previous record; $4.10/gal
March 10: Average price of gasoline peaks at $4.35/gal
April 29: Average diesel prices reach new all-time high; $5.16/gal
May 5: March record broken; prices rise above $4.35/gal

“It’s been one kink after another this year, and worst of all, demand doesn’t seem to be responding to the surge in gas prices, meaning there is a high probability that prices could go even higher in the weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “It’s a perfect storm of factors all aligning to create a rare environment of rapid price hikes. The situation could become even worse should there be any unexpected issues at the nation’s refineries or a major hurricane that impacts oil production or refineries this summer.”

In order to save money on summer travel, GasBuddy recommends drivers shop around for the best gas prices, and always pay with a gas card or gas rewards credit card. Drivers should also take advantage of gas station loyalty programs, and drive more cautiously in order to increase fuel efficiency.

 

About GasBuddy
GasBuddy is the leading fuel savings platform providing North American drivers with the most ways to save money on gas. GasBuddy has
delivered more than $3 billion in cumulative savings to its users through providing real-time gas price information at 150,000+ stations, offering
cash back rewards on purchases with brand partners, and through the Pay with GasBuddyTM payments card that offers cents-off per gallon at
virtually all gas stations across the US. As one of the most highly-rated apps in the history of the App Store, GasBuddy has been downloaded
nearly 100 million times. Acquired by PDI Software in 2021, GasBuddy’s publishing and software businesses enable the world’s leading fuel,
convenience, QSR and CPG companies to shorten the distance between the fueling public and their brands. For more information, visit

Facebook
Twitter
LinkedIn
Pinterest

3 thoughts on “National Average Price of Gas Spikes to $5/gal, Crushing Previous Record – GasBuddy”

  1. Fuel prices are no surprise when you think about it. The Democrats and their Radical Left Cash Grabbing buddies focus all energy and available government resources on stealing elections, destroying the US Constitution and seizing permanent political power. It really is as simple as that.

    With nobody doing any real work, the economy tanks, our towns & cities get more dangerous, people flood illegally into the country, our foreign policy becomes nothing more than theft of US Taxpayer money, China poisons Americans with devastating drugs and we get our daily government clown show, all of which are as transparent as fine Murano crystal. Just look at yesterday’s Destroy All Republicans, er, I mean The January 6th Commission report. This was not an investigation into what really happened, nope can’t have any of that, no siree, there’s nothing to gain politically from the truth. It was an orchestrated use of government resources and taxpayer money to attack the political opponents of Democrats and a few clown car RINO’s like Liz “I’m history, but I’ll be on MSNBC soon” Cheney and Adam “ooh, ohh, can I have a high-paying job at CNNLOL after I leave office in shame” Kinzinger.

    The clown show continues.

  2. George Hotchkiss

    Mr. Walter, I feel for you, you seem to be living in a self made dystopian Hellscape. I get up and go to work like pretty much everybody I know. I work hard, and so does everybody else at the company at which I work. But you wrote “With nobody doing any real work” what does that even mean?

  3. Woo, wooooo, here comes The Clue Train, next stop is George Hotchkiss.

    It appears you don’t understand CONTEXT. In my first paragraph, I commented about the Democrats, and the Radical Left Cash Grabbers focusing government resources, stealing elections and so on. Therefore, paragraph 2 is about Democrats and Radical Left Cash Grabbers (you know, the ones in the White House, Senate and House of Representatives) not doing any real work. If you want proof, just look at yesterday’s Kangaroo Court Clown Show.

    I understand CONTEXT is a tough concept, but give it a try, you’ll find it useful.

    P.S. I commend you on your term “dystopian Hellscape”. That’s exactly what our great country seems like with you Democrats and Radical Left Cash Grabbers in charge.

Leave a Comment

Your email address will not be published.

Scroll to Top