U.S Gas Price (June 7): More States Reach $5 A Gallon

Jenny Barry June 07, 2022 | 05:26

Check out the daily U.S National Everage Gas Price (Today June 7): There are more states hit $5 a gallon gas prices, surprise consumers.

The national everage gas price in the U.S spike keeps getting worse.

On June 7, more states in the US had gas prices above the $5 a gallon threshold. Although gas prices were expected to continue to climb, drivers in the US were surprised.

Unfortunately for drivers, prices could continue to climb with no end in sight. The factors that most influence gas prices – from demand to inventories and production – are lined up such that prices at the pump are likely to continue to rise.

AAA notices that the U.S national average gas price jumped to $4.87 a gallon on Monday and Tuesday (June 6 & 7), which is 59 cents more than a month ago, and $1.81 more than a year ago.

In total, more than one out of every five gas stations nationwide are now charging more than $5 a gallon for regular, and just over half are charging $4.75 or more. The gas price up 25 cents in the past week and 59 cents in the past month.

California had the highest average price at $6.32 a gallon, with Georgia the lowest at $4.27 a gallon.

The nation’s top 10 largest weekly increases: Michigan (+45 cents), Illinois (+41 cents), Indiana (+41 cents), Wisconsin (+39 cents), Ohio (+38 cents), Nebraska (+37 cents), Kentucky (+36 cents), Colorado (+35 cents), Minnesota (+34 cents) and Texas (+32 cents).

The nation’s top 10 most expensive markets: California ($6.34), Nevada ($5.49), Hawaii ($5.47), Oregon ($5.41), Washington ($5.40), Illinois ($5.40), Alaska ($5.37), Washington, D.C. ($5.06) and Michigan ($5.05).

• There are now 10 states where the average price of gasoline is $5 a gallon or higher, with the latest being Michigan and Indiana. Washington, DC, is also above $5.

• Gas prices have hit yet another record high in Michigan, jumping 44 cents from last week.

Michiganders are now paying an average of $5.04 per gallon for regular unleaded, which is 74 cents more than this time last month and $2.02 more than this time in 2021.

Metro Detroit’s current average is $5.12 per gallon, about 44 cents more than last week’s average and $1.42 more than this same time last year.

Most expensive gas price averages: Metro Detroit ($5.12), Ann Arbor ($5.07), Flint ($5.01),

Least expensive gas price averages: Marquette ($4.96), Traverse City ($4.97), Grand Rapids ($4.99)

• New Jersey, Pennsylvania and Massachusetts are just pennies away. Georgia is the only state with an average below $4.30 a gallon.

• Gasoline prices in Maine hit a historic high this week and are poised to eclipse another benchmark in the next few days. The statewide average price for a gallon of regular gasoline hit $4.98 Tuesday.

• Maine’s neighboring states were experiencing similar but slightly lower average gas prices Monday, with Vermont at $4.90 a gallon and New Hampshire at $4.89 a gallon.

Here's how prices are trending around the country:

♦ State with the lowest average gas price: Georgia, $4.27

♦ State with the highest average gas price: California, $6.32

♦ Most commonly paid price: $4.49

The rise in the price of gas was the seventh consecutive increase. According to AA, the cost of a barrel of oil is nearing $120, nearly double from last August, as increased oil demand outpaces the tight global supply. Meanwhile, domestic gasoline demand rose: According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 700,000 bbl to 219 million bbl last week. Meanwhile, gasoline demand grew from 8.8 million b/d to 8.98 million b/d as drivers fueled up for Memorial Day weekend travel.

As a result, the national average for a gallon of gas surged 25 cents in one week to hit $4.86.

U.S Gas Price (June 7): More States Reach $5 A Gallon

The US National Everage Daily Gas Price Today - AAA

However, government gas price controls are not the answer to fix this. Some experts offer government need to expand our domestic energy supply chains here to promote competition, lower costs and get our economy back on track.