Gasoline prices hit record high, analysts say 'get used to it'

Gasoline prices hit record high, analysts say ‘get used to it’

The continuing pain at the pumps for Americans becomes even more brutal on Friday – as gasoline prices hit a new record high.

The national average for a gallon of regular fuel rose to $4,432, according to AAA figures.

That eclipses the previous all-time high set in mid-March when tank filling set drivers back by an average of $4,331 per gallon nationwide.

The national average for regular gasoline stood at $4,418 on Thursday, the previous record high.

Friday’s new mark is about 15 cents higher than a week ago and up from an average of $3,028 a year earlier, according to AAA data.

The cost at the pump varied widely by state, with the highest average prices being in California ($5,872) and Nevada ($5,136). The cheapest gallons are found in Georgia ($3,954) and Kansas ($3,986).

The national average for regular gasoline was $4,418 on Thursday.
Getty Images

The average price of a gallon of diesel also hit a new all-time high of $5,560 on Friday. That’s up from $5,019 just a month ago and $3,150 a year ago, according to AAA data.

The new high comes a day after the Biden administration canceled oil and gas sales to the Gulf of Mexico and Cook Inlet in Alaska, dealing a potential hit to domestic fuel production.

The sale of the Cook Inlet lease will not go ahead due to a “lack of industry interest in leasing in the area,” the Department of the Interior told The Post on Thursday.

A map shows rising gasoline prices in the United States.
A map shows rising gasoline prices in the United States.
AAA

The agency also canceled two lease sales in the Gulf of Mexico while citing “conflicting court rulings” that impacted the proposed moves.

Energy experts expect gas prices to rise even further, likely to top $4.50 by the end of May. A Houston-based industry consultant told CNN on Monday he expects a further jump of 18 to 20 cents over the next 10 days.

Another analyst, meanwhile, believes $5 gallons is “in no way beyond the realm of possibility,” USA Today reported Thursday.

The Biden administration yesterday canceled oil and gas sales to the Gulf of Mexico and Cook Inlet in Alaska.
The Biden administration yesterday canceled oil and gas sales to the Gulf of Mexico and Cook Inlet in Alaska.
Getty Images

“We should get used to higher gas prices,” Matt Smith of data analytics firm Kpler told the newspaper. “We shouldn’t expect to see them fall back to $2 a gallon. Those times seem to be over.

Leave a Comment

Your email address will not be published.