The national average price of gasoline reached $5 per gallon Thursday for the first time, according to price-tracking service GasBuddy.com.
The milestone comes after months of gas price increases across the country accelerated by the rise in seasonal demand during supply constraints brought on by the covid pandemic, according to GasBuddy.
It’s just the latest of several gas price records set in 2022.
But that doesn’t appear to be turning motorists away from the pump as the summer travel season begins.
“It’s been one kink after another this year, and, worst of all, demand doesn’t seem to be responding to the surge in gas prices, meaning there is a high probability that prices could go even higher in the weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “The situation could become even worse should there be any unexpected issues at the nation’s refineries or a major hurricane that impacts oil production or refineries this summer.”
Spot gasoline markets pushing higher again, up 8-12c/gal while diesel spots up 13c/gal. We hit $5/gal and won't stop there.
— Patrick De Haan ⛽️???? (@GasBuddyGuy) June 9, 2022
On Thursday, AAA was showing the national average just under $5, at $4.97, up 2 cents from Wednesday.
Pennsylvania’s average stood at $5.05 on Thursday, according to AAA. The highest prices are in the state’s southeast and northeast counties. The highest average, about $5.19, was in Bradford and Pike counties.
The Pittsburgh metro area average crossed the $5 threshold from Wednesday to Thursday, increasing from about $4.99 to about $5.01, AAA reported. Diesel also recorded a new highest average price Thursday: $6.04 per gallon.
In Southwestern Pennsylvania counties, average prices ranged from about $5 in Armstrong, Fayette and Washington counties to $5.08 in Somerset.
According to GasBuddy, prices have surged in recent weeks as U.S. gasoline inventories fell more than 25 million barrels since March during a global decline in refining capacity because of the pandemic and accelerated demand going into summer.
The price of oil also has spiked because of Russia’s war in Ukraine as countries choke off Russian oil supply through sanctions, pushing supply down at a time of rising demand.
Also, GasBuddy says U.S. refining capacity has fallen by about 1 million barrels a day over the past three years.
Previous gas price records set in 2022:
• March 5: National average price of gas breaks $4 per gallon for the first time since 2008.
• March 7: National average price of gas breaks previous record at $4.10 per gallon.
• March 10: Average price of gasoline peaks at $4.35 per gallon.
• April 29: Average diesel prices reach new all-time high at $5.16 per gallon.
• May 5: March record broken; prices rise above $4.35 per gallon.
