After much anticipation, the national average gas price has finally broken $3 per gallon, and looks to continue its rapid increase for the foreseeable future.
According to GasBuddy, the national average price for a gallon of regular unleaded gasoline cracked the $3 mark late in the evening on May 1st. At the same time last year, gas prices were at $2.90 per gallon – roughly 3.5% lower.
Since the first of the year, gas prices have risen over 25% and have risen over 10% in the last month alone.
Now there are 14 states plus Washington, D.C. that are reporting average gas prices above $3 per gallon. Just two days ago, there were only eight states (plus D.C.) that were reporting $3 gas. The lowest state-wide average gas price is in New Jersey, where a gallon of gasoline runs $2.80, and the highest state-wide average is in California, where a gallon of gas runs $3.38.
With the news that two refineries in Iowa were left short of fuel over this past weekend – which illustrates the very delicate balance between supply and demand – it certainly seems that the run up on the price of gas is just beginning, and that we’re likely to shatter the record high gas prices seen during the last two summers.
I hope you got a chance to enjoy that cheap gas while it lasted, because chances are these high gas prices are here to stay for good.