Gas prices hit 10-year high – Boston News, Weather, Sports

(CNN) – Millions of Americans traveling this holiday weekend are being greeted by unprecedented prices at the gas pump.

The national average for regular gasoline hit a new record high of $4.62 a gallon on Monday, according to AAA. That’s up a penny from Sunday and 44 cents more than a month ago.

Gas prices are up sharply from last Memorial Day, when they averaged $3.05 a gallon, according to AAA.

Seven states now consume an average of $5 per gallon of gas, the last being Illinois (rounding up to $4,996). New York and Arizona are just pennies away from reaching that milestone. And there are no states where gasoline prices average below $4.10 a gallon.

Despite high prices, AAA estimates that 34.9 million people are traveling by car this holiday weekend, up 4.6% from last year.

Even after adjusting for inflation, gasoline prices are very high.

Real (ie, inflation-adjusted) gasoline prices haven’t been this high before Memorial Day weekend since 2012, according to the US Energy Information Administration. The all-time high for inflation-adjusted average gasoline prices was set in June 2008 at $5.38 per gallon.

Soaring gas prices reflect strong demand as people ramp up their summer travel plans and weak supply caused by a confluence of factors, including the disruption caused by the war in Ukraine and the fact that the United States and OPEC are pumping less oil than before Covid-19.

Another factor: after a series of retirements, US refineries are struggling to meet growing demand for gasoline, diesel and jet fuel.

(Copyright (c) 2022 CNN. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Join our newsletter for the latest news straight to your inbox

About Jefferey G. Cannon

Check Also

Hot, dry and windy weather to challenge fire crews in Arizona

FLAGSTAFF, Ariz. (AP) — Fire crews battling two wildfires in northern Arizona expected some growth …