US gas prices jump to record high $4.7 a gallon
US gas prices jump to record high $4.7 a gallon

Russia vs Ukraine war is pushing prices higher as the U.S. and other nations restrict purchases of Russian energy products.

As expected, gas prices in the US continued to increase to record levels last some days from $4.62, increased to 4.67 (June 2) and are currently at 4.715 a gallon (June 3).

At this record price, U.S gas prices up by 48 cents in the past month alone.

For easy understanding, you just need to compare:

- It now costs 32% more to fill up your tank than on the day before Russia vs Ukraine war.

- The national average for regular gas is now 44 cents higher than on the day President Joe Biden announced the largest-ever release of oil from the Strategic Petroleum Reserve in late March.

Despite the record high, the gas price above is just the average price of the entire United States of America. In many of the busiest states and cities in the United States, gas prices are much higher than the national average.

U.S Gas Price Today (June 3, 2022): Jump to Record High $4.7
U.S Gas Price - Update in Every State

Seven states in the U.S now average $5 or higher, with Illinois becoming the latest to join that unpopular club, according to AAA. New York and Arizona are just pennies away from the $5 threshold.

As special as in California, the average gas price now stands at $6.19 a gallon. At a handful of stations in California, fuel now tops the federal minimum wage of $7.25 per hour.

Today's fuel prices in America are still below their peak in 2008 on an inflation-adjusted basis. In today's dollars, the 2008 price was closer to $5.25 a gallon.

Still, only about half of Americans say they're cutting back on driving due to the high cost of gas, according to a GOBankingRates survey.

U.S. Gas Price Today: Soon Top $5 to $6 a gallon

Americans are paying record-high prices for gasoline as the summer travel season arrives .

Some experts expect the national average for regular gasoline to hit $4.75 in the next 10 days.

Gas prices nationally could reach $5 a gallon on average by as early as June 17, according to Patrick De Haan, an analyst for GasBuddy.

The benchmark Brent crude oil is now trading at about $118 per barrel, or 71% higher than a year earlier, according to FactSet. Demand from consumers and businesses has spiked as the economy recovered from the initial COVID-19 pandemic, but refineries aren't keeping up with demand.

Drivers could be paying an average per-gallon price of $6.20 by August, according to JPMorgan analyst Natasha Kaneva.

Some U.S. states are trying to ease the pain. Starting June 1, New York will suspend its 16 cents per gallon gas tax through the end of the year. Connecticut, Georgia and Maryland have also temporarily lifted their gas taxes, while other states are considering suspending them.
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