(Michael Robison) According to AAA, the national average price for regular gasoline climbed more than four cents on Thursday to $4.71 a gallon, climbing more than 37 cents in six weeks.
Related “76” Gas Station Chain Reprograms Washington State Pumps For $10 A Gallon
by Michael Robison, June 2nd, 2022
The number is more than 65% higher than the average cost per gallon a year ago. Gas prices have continued to climb during Biden’s presidency and as millions of Americans are poised for summer travel.
This week’s surge will only add to inflationary pressures that have boosted fears of a national recession, hammered financial markets, and caused Americans’ views on the economy to become fearful.
According to the U.S. Energy Information Administration, gas prices, adjusted for inflation, would have to rise above $5.30 a gallon to break the records set in 2008.
Experts say that number will likely surpass the $6 mark by the summer as costs in cities such as Los Angeles and San Francisco already met that mark earlier this month.
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