<mediadc-video-embed data-state="{"cms.site.owner":{"_ref":"00000161-3486-d333-a9e9-76c6fbf30000","_type":"00000161-3461-dd66-ab67-fd6b93390000"},"cms.content.publishDate":1654541763847,"cms.content.publishUser":{"_ref":"0000017e-cb38-dcae-a3fe-ff7ddb630000","_type":"00000161-3461-dd66-ab67-fd6b933a0007"},"cms.content.updateDate":1654541763847,"cms.content.updateUser":{"_ref":"0000017e-cb38-dcae-a3fe-ff7ddb630000","_type":"00000161-3461-dd66-ab67-fd6b933a0007"},"rawHtml":"
var _bp = _bp||[]; _bp.push({ "div": "Brid_54273075", "obj": {"id":"27789","width":"16","height":"9","video":"1025253"} }); ","_id":"00000181-3a5f-dfdd-a99b-beffbe470000","_type":"2f5a8339-a89a-3738-9cd2-3ddf0c8da574"}”>Video EmbedAverage gas costs in the United States have increased 59 cents since last month, according to AAA, adding even more pain for drivers at the start of the summer driving season, which analysts warn will likely drive prices even higher.
Average national gas prices climbed to a record high of $4.87 per gallon on Monday, according to AAA — a 25-cent increase from the previous week and a whopping $1.81 jump compared to the same point last year, when gas prices stood at just $3.05 per gallon.
Areas in the Midwest saw some of the largest one-week gains, with prices rising by 45 cents per gallon in Michigan, 41 cents per gallon in Indiana, and 39 cents per gallon in Wisconsin. Ohio, Nebraska, Kentucky, Colorado, Minnesota, and Texas all saw one-week increases of more than 30 cents per gallon.
California and Nevada continued to top the list of the most expensive markets, with gas costs rising to $6.34 per gallon in California and $5.49 in Nevada, according to AAA. Hawaii came in third at $5.47.
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In a blog post on Monday, AAA attributed the record-high fuel costs to a volatile market and high demand, which continues to far outpace supply. According to data from the U.S. Energy Information Administration, AAA noted, gasoline stocks decreased from 700,000 bbl to 219 million bbl last week, while demand soared, rising from 8.8 million b/d to 8.98 million b/d.
According to AAA spokesman Andrew Gross, these price hikes are unlikely to go away any time soon.
“People are still fueling up, despite these high prices,” Gross said in the blog post. “At some point, drivers may change their daily driving habits or lifestyle due to these high prices, but we are not there yet.”
Analysts have predicted that U.S. drivers could pay more than $5 a gallon this summer. Last month, JPMorgan analysts forecasted that the national average could climb as high as $6.20 per gallon by August.
The record-high prices come despite a flurry of efforts from the White House to reassure the public that the administration is conscious of the high prices and will take steps to alleviate the pain.
Speaking at the White House last week, President Joe Biden told reporters there is little his administration can do in the short term to alleviate the spike in fuel prices, which he acknowledged are unlikely to fall anytime soon.
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“The idea we’re going to be able to, you know, click a switch and bring down the cost of gasoline is not likely in the near term, nor is it with regard to food,” Biden said.
