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Demand Pushes Gas Prices to New Record High, Summer Demand to Press Further


US – Gas prices have been pushed past records today after high summer demand has pushed the average gas to 4.35 per gallon.

“Liquid fuels have turned into liquid gold, with prices for gasoline and diesel spiraling out of control with little power to harness them as the imbalance between supply and demand globally continues to widen with each passing day. Russia’s oil increasingly remains out of the market, crimping supply while demand rebounds ahead of the summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “There’s little, if any, good news about fuel prices heading into summer, and the problem could become worse should we see an above average hurricane season, which could knock out refinery capacity at a time we badly need it as refined product inventories continue to plummet.”

Gas prices decreased for almost a month in March, but prices began to rise again over the last few weeks as the European Union started to sanction Russian Oil.

Ohio gas prices are at 4.17 per gallon of gas, Marathon on US-23 has the cheap gas in the area at 3.99 per gallon.