Since the beginning of the year, there has been an uptick in the price of gasoline. According to CNBC, it is now anticipated that households will spend an average of $5,000 on gasoline this year, which is an increase from the $2,800 that was spent last year.
The price of gasoline has reached yet another all-time high. The national average was $4.919 as of Tuesday, which is more than five cents more than it was only one day before. This indicates that it is getting closer and closer to the $5 mark.
The national average has increased by $0.30 compared to the previous week, $0.62 compared to the previous month, and $1.87 compared to the previous year. Diesel, which is mostly used for the delivery of products and food, is also at a record high and is now resting at $5.684 throughout the country.
Travel during the Memorial Day weekend has been listed as a key contributing factor by AAA as a reason why rates have increased this week. The price of oil, which was $117.5 at the time this article was written, is likewise continuing its upward trend.
The price of a gallon of petrol in California is now $6.37, making it the most expensive state in the US. This is a significant increase compared to Nevada, which has the second highest minimum wage in the US at $5.52. The state of Hawaii comes in third place with an average price of $5.48 a gallon for petrol.
Other states that currently have gas prices at or above $5 per gallon are as follows: Oregon (5.46 dollars per gallon), Washington (5.46 dollars per gallon), Illinois (5.45 dollars per gallon), Alaska (5.42 dollars per gallon), Michigan (5.17 dollars per gallon), Arizona (5.16 dollars per gallon), Indiana (5.15 dollars per gallon), Maine (5 dollars), Massachusetts (5 dollars), and New Jersey (5 dollars).
The cost of living in Washington, DC is likewise over $5, coming in at $5.14.
OPEC+ has announced that it will increase production to 648,000 barrels of oil during the months of July and August; however, it is unlikely that this will significantly lower prices as the market prepares for the European Union’s sanctions on Russian oil, which are scheduled to be implemented throughout the course of the year.
Even in the states with the lowest overall gas prices, the national average for a gallon of regular is above $4.00. The average cost of a gallon of petrol in the state of Georgia is about $4.33, making it the state with the lowest cost of gas in the whole US. That is far higher than even the state of California was just a year ago.
A number of steps have been made by President Biden in an effort to bring costs down. In March, he gave his approval for the release of 180 million barrels of oil that had been stored in the strategic reserve. He has also criticized oil and gas firms in the public eye for artificially inflating their earnings. However, the results of their efforts were very transitory, if they had any impact at all.
Gina Raimondo, the Commerce Secretary of the White House, acknowledged on Tuesday that there is very little that the White House can do to affect the price of gasoline.
Recent polling suggests that the cost of gasoline might affect Democratic candidates in the next election in November. Seventy-four percent of voters said that the cost of gasoline will be a key determining factor for them when it comes time to cast their ballots. Only 27 percent of those questioned expressed satisfaction with how Biden has handled the issue of rising gas costs.
The preceding is a summary of an article that originally appeared on InfoWars.