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Tipsheet

National Gas Prices Hit New Record High: Get Ready to Pay More

AP Photo/Seth Wenig

Americans have been feeling pain at the pump for months now, and it doesn't look like that will be letting up anytime soon. 

According to AAA, the national average for a gallon of gas increased to $4.432, up 15 cents more than what it was a week ago. 

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This trumps fuel prices from mid-March when filling up tanks set Americans back an average of $4.331 per gallon. 

Some states, such as California and Hawaii, are seeing gas prices surge past $5 a gallon. The cheapest prices are in states such as Kansas and Georgia, yet the price per gallon is still surfacing the $4 mark. 

To put this into perspective, California residents would pay an extra $1,500 a year compared to, say, Georgia residents. 

Meanwhile, a BP station in New York City is reportedly charging credit card prices of $6.999 for regular and $7.2999 for silver. 

This comes days after the Biden administration canceled one of the most high-profile oil and gas sales in the Gulf of Mexico and Alaska's Cook Inlet, which could seriously hinder domestic fuel production. 

Thank you, Joe Biden. It's almost as if he wants America's economy to tank. Sometimes he blames Putin's invasion of Ukraine for the prices. Sometimes, he points to Big Oil for not producing more. But it's safe to say the actions of the White House are what's keeping our wallets empty, and yet this administration just won't see it.

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Energy experts expect an increase of another 18 to 20 cents within the next 10 days, warning Americans prices could surge past an average of $5, saying it is "by no means beyond the realms of possibility."

Matt Smith, an analyst with data analytics firm Kpler, said not to expect fuel prices to go back to $2 a gallon, as he pointed out that "those times seem to have passed." 

Gasprices.AAA.com

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