Gas prices reached record highs on Monday as many Americans took to the roads to travel for the Memorial Day holiday.
The national average was $4.62 per gallon — an increase of 40% from the start of the year and much higher than the $3.04 per gallon average in 2021, according to AAA.
Prices in California were the highest nationwide with a statewide average of $6.15 per gallon, with prices in Mono County nearing $7 per gallon.
Amid the high gas prices and the impacts of the COVID-19 pandemic, AAA forecast that 39.2 million people would travel 50 miles or more for Memorial Day weekend, up 8.3% from 2021. However, just 4.6% more drivers were expected to be on the road for the three-day weekend, down from 7.2% in 2019 before the onset of the pandemic.
Analysts say that by the July 4 holiday, most states could see average gas prices greater than $5 per gallon.
“I don’t think as many people are going to hit the road, and if they do, I think a good portion are going to be staying close to home,” Patrick De Haan, head of petroleum analysis at GasBuddy, told CNBC.
“There definitely should be a noticeable bump, but my impression is people are not driving as far. The concern is high prices that are keeping people a little closer. There’s also work-from-home that changed things. There’s a strong subset of people that can basically work from the road all the time.”
West Texas Intermediate crude, the U.S. oil benchmark, rose to more than $116 per barrel on Monday, while Brent crude, the international benchmark, surpassed $120 for a two-month high.
Oil prices have risen broadly as a result of Russia’s invasion of Ukraine with the last time Brent crude climbed above $120 coming in late March when President Joe Biden authorized the release of an extra 1 million barrels of oil per day from the nation’s strategic petroleum reserve for a period of six months.
The current rise in global oil prices comes amid rising demand in the United States with the start of summer, while European leaders weigh a potential oil embargo on Russia amid its invasion of Ukraine.
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The treasonous, socialist Democrat Party’s intensions of limiting U.S. oil production is working. You do realize that the higher prices rise the more taxes that the treasonous, socialist Democrat Party take away from the consumer in taxes.
Excessive High cost of fuel, food, housing, medical is becoming just like the socialist takeover of Venezuela. Venezuela use to be a thriving capitalist Free county. Now it is a 3rd world poor, low food, Socialist Dictatorship.
Federal tax on gas is set by congress, not the price at the pump. The federal government will get less revenue as gas consumption goes down due to high prices.
slo joe biden is DIRECTLY responsible for the high price of gas. It was deliberate, and planned by the climate change luny’s. slo joe is just doing their bidding.
HE Certainly is doing their bidding. LIKE a marionette!
Buy oil for the strategic reserve at $35/barrel for national security. Replace it given away by Joe at $102 a barrel to keep from getting run out of office. We are being led by the walking brain dead or Putin’s and Xi”s bought and paid for traitor.
They think everyone is going to run out and buy an electric vehicle. They have no idea what a mess they would be in if everyone did. Not enough charging stations, rolling blackouts, battery disposal, and that’s not even a beginning. I’m staying with fossil fuel. Biden is going to be out on his butt in 2024.
LETS ALL Hope and pray he’s out in 2024..
Let’s all hope he is out in 2023.