US gasoline prices bounced back to an all-time high on Sunday, hitting an all-time high of $4.61 per gallon. That’s more than 50 percent higher than the cost per gallon last year.
The bomb price increase came as thousands of Memorial Day holidaymakers set out to spend quality time with family and friends after two years of coronavirus uncertainty.
diary letter Experts say the new numbers will exceed $6 by the end of summer, as bombs in West Coast cities like Los Angeles and San Francisco were already above that mark earlier this month.
Last week, the price of a gallon broke $4 in each of the 50 states, impacting many travel plans.
Analysts say average prices could exceed $5 per gallon over the July 4th holiday in more states due to the inflation that has wreaked havoc on President Joe Biden’s entire economy.
On Friday, Biden complained that he was “tired” of Americans accusing him of the coronavirus pandemic or inflation rather than Putin. https://t.co/mj0hybMG9t
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“I don’t think many people are going to take off, and if they do, I think a lot of people will stay close to home,” Patrick De Haan, GasBuddy’s head of oil analysis, told CNBC.
“It’s definitely a noticeable bump, but my impression is that people don’t get that far. The concern is the high prices that bring people together. It’s also the work from home that makes a difference. There’s often a strong group of people who can work on the road.”
Vehicles travel along Interstate 495, the capital’s ring road, before Memorial Day weekend in McLean, Virginia, May 27, 2022. Despite record-high gasoline prices, AAA predicts Memorial Day car trips will be the busiest since 2019, with more than 34 million Americans traveling more than 50 miles. (Kevin Ditch/Getty)
AAA expects a total of 39.2 million people to ride 50 miles or more this weekend, up 8.3 percent from last year. According to the report, 4.6% more of these drivers are expected to be on the road during the three-day weekend, but that number is still 7.2% lower than in 2019.
Prices in the US vary widely, averaging $6.07 per gallon in California and $4.13 per gallon in Georgia.
As higher prices affect consumers, analysts say they don’t fill their cars as often, and lower demand could offset further price increases.
Source: Breitbart
