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U.S. gas prices set record for second straight day

Gas Prices
Posted at 5:32 AM, May 11, 2022
and last updated 2022-05-11 10:50:46-04

The average for a gallon of regular gas reached an all-time high of $4.40 on Wednesday after increasing by 3 cents overnight, AAA said.

Wednesday's price hike marked the second straight day gas prices set a record high in the U.S.

According to AAA, gas has increased 18 cents in the last week, 29 cents in the last month and $1.42 in the last year. This week's records topped the nation’s previous record of $4.33 set back on March 11.

Several states — California, Nevada and Hawaii — are averaging more than $5 per gallon. Meanwhile, a handful of states — Oklahoma, Kansas, Arkansas, Missouri, Mississippi and Georgia — still have average gas prices below $4 a gallon.

AAA cited decreased supply of global oil and increased demand for the rising prices.

“With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline,” said Andrew Gross, AAA spokesperson. “These prices are creeping closer to those record-high levels of early March.”

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 $5.70 (U.S. dollars) a gallon on Wednesday, nearing a record high. The U.K. is reporting the equivalent of $7.69 a gallon.

Diesel fuel also continues to set records, reaching $5.55 a gallon on Wednesday.