Nationwide gas prices soar to record high of $4.37 a gallon

(MGN Online)
Published: May. 10, 2022 at 10:34 AM EDT
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BOSTON (WTVM) - The pain at the pump continues as Americans are paying more than ever for a gallon of gas.

Tuesday, the nationwide average soared to a new record high of $4.37 per gallon, passing the previous record set in March, according to AAA.

Diesel prices have also spiked in recent weeks, reaching a new all-time high of $5.53 per gallon on Tuesday, GasBuddy reported.

“Liquid fuels have turned into liquid gold, with prices for gasoline and diesel spiraling out of control with little power to harness them as the imbalance between supply and demand globally continues to widen with each passing day. Russia’s oil increasingly remains out of the market, crimping supply while demand rebounds ahead of the summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “There’s little, if any, good news about fuel prices heading into summer, and the problem could become worse should we see an above average hurricane season, which could knock out refinery capacity at a time we badly need it as refined product inventories continue to plummet.

GasBuddy predicts fuel prices could continue to climb through Memorial Day as people begin to travel for the summer.

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