Record-high gas prices reported for ninth day in a row

Gas Prices
Posted at 7:15 AM, May 18, 2022

For the ninth consecutive day, gas prices hit a record high. According to AAA, the average for a gallon of regular gas reached an all-time high of $4.56 nationwide on Wednesday after increasing by 4 cents overnight, AAA said.

According to AAA, gas has increased 16 cents in the last week, 48 cents in the last month and $1.52 in the last year. This streak of records topped the nation’s previous record of $4.33 set back on March 11.

AAA notes that there is normally a lull in gas prices between spring break and Memorial Day, but the U.S. is not seeing that this year.

“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers,” said Andrew Gross, AAA spokesperson. “Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.”

Several states — Alaska, California, Nevada, Washington and Hawaii — are averaging more than $5 per gallon. Meanwhile, all 50 states are now reporting average gas prices of over $4 per gallon.

The cost of crude oil jumped significantly from December 2021 through March 2022, going from a low of $65 a barrel to a high of $119.

The sting Americans are feeling at gas stations is shared throughout the world. For instance, the Canadian Automobile Association reports gas hit $5.90 (U.S. dollars) a gallon on Wednesday. The U.K. is reporting the equivalent of $7.87 a gallon.

Diesel fuel also continues to set records, reaching $5.56 a gallon on Sunday.