US – Gas prices across the country over memorial week rose to a new level of 4.62 per gallon according to AAA.com higher gas prices are expected throughout the summer.
On Monday crude oil barrel prices rose to over 116 a barrel in today’s market after fears of UK pressure on Russian Oil.
“After several weeks of soaring gas prices, last week saw prices nationally slow down ahead of Memorial Day, but I’m afraid the good news ends there,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While gasoline demand has been seasonally soft, the large decline in refining capacity over the last few years has meant that refiners are struggling to produce even lower amounts of refined products. This has led inventories to struggle to see any gains, boosting concern that they won’t be able to catch up. Coupled with continued talk that the EU is still working on sanctioning Russian oil, even though Hungary is a hold out, oil markets are quite on edge. As a result of the continued decline in gasoline inventories in recent weeks, wholesale gas prices surged last week, which will likely boost prices at the pump in short order. Motorists in the Great Lakes could see prices jump early in the week to new record highs, and the rest of the nation will follow. Odds are rising that we’ll eventually see the national average reach that dreaded $5 per gallon.”
A two-year hiatus from traveling is pushing people to go on vacation regardless of the gas price, and will further push the cost up because of continued demand for gas.
Today’s national average for a gallon of gas is $4.62, which is 45 cents more than a month ago, and $1.58 more than a year ago.
The average gas price in Ohio is 4.45 per gallon of gas, Sheetz on South Court is reported to have the cheapest gas in town at 4.29 per gallon today, while Speedway has risen their gas to 4.79 today.
