GasBuddy, for instance, offers a rewards program that can save users up to 25 cents per gallon at the pump. Average U.S. gas prices topped $5 per gallon Thursday, according to fuel data platform GasBuddy, a grim milestone as gas prices surge past prior records. According to website Global Petrol Prices, all three nations were already paying between $4.76 and $5.42 for a gallon. Keep in mind, the summer travel season is just getting underway, which means months of high gasoline demand lie ahead. Oil prices are high, and refineries are struggling to keep up with global fuel demand. Winter months usually have lower gas prices since people tend to drive less due to the poor road conditions.

This chart shows the price of one gallon of gasoline, by country/territory (as of May 2, 2022). Many refineries shut down when the COVID-19 pandemic crushed global fuel demand in 2020, and few new ones are slated to open anytime soon. That doesn’t mean that the national average won’t break the record, inflation included, in the future. Statewide averages in a handful of states have already surpassed that $5.40 mark, with California tallying the highest at about $6.40 per gallon, the AAA data showed. GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information.

How much has gas ever cost at its highest price?

Heavy or thick oil has a massive amount of pollutants. There are a variety of gas apps out there to help you make an informed decision about where to fill up your tank next. Popular apps like GasBuddy, Waze and Google Maps are free and show gas prices in real-time via a map directly in the app. As of Tuesday morning, the average national price for a gallon of regular gasoline touched $4.17, according to AAA, the highest price ever, not accounting for inflation. That was up from $4.07 on Monday and $3.61 a week earlier. World regions with 9 best investments in 2021 cheap gas prices included North Africa and the Middle East as well as in Central Asia and Russia.

Norway is an outlier among oil producing countries as it taxes gasoline at a premium. The country bases lots of its wealth on oil but has for many years pursued a plan to make its own economy independent of the fossil fuel. The Russian invasion of Ukraine has driven up oil and other commodity prices in many countries, with gasoline prices turning into a topic of discussion around the world.

Best Places To Sell Rare Coins and Paper Money

1. The national average state tax for gasoline is 31.67 cents per gallon.
2. There are a variety of gas apps out there to help you make an informed decision about where to fill up your tank next.
3. These numbers indicate that more people would drive vehicles and use gasoline, thus increasing the price of those specific areas.
4. Some gas apps offer complementary rewards programs to help you save at the pump.
5. On the other hand, the U.S. has 47,000 miles of interstate highway.

Prior to 2022, the highest ever average recorded by AAA was $4.114 per gallon in July 2008. Average U.S. gas prices soared to a record high of $4.33 in March shortly after Russia invaded Ukraine, which caused crude oil prices to surge and threatened global supply. After a two-month lull, gas prices have steadily risen since last month, setting record highs nearly every day. Europe has some of the highest gasoline prices in the world. Most of Western Europe was paying upwards multibank group forex broker review by forextraders co of $6.00 for a gallon of gas as of May 2, with some of the highest prices being charged in Iceland, Finland, Greece, Denmark and Norway. Germany was the most expensive major European economy in terms of gas prices most recently, as a gallon was going for $7.97.

Buy Gas with a Rewards Credit Card

The more people, the more likely they drive cars and trucks, so more gasoline is required. The latest data from American Automobile Association, the other leading gas price tracker, still pegs the average price to be just shy of $5 at $4.970. As of Tuesday morning, 28 states have average prices over $4. Only five states – South Dakota, Kansas, Missouri, Oklahoma and Arkansas – averaged less than $3.80.

The cost for diesel is nearing the record of $4.84, also set in July 2008. The price for a gallon of diesel is $4.75, more than double what it was in October 2020. Still, the EIA predicted that the average U.S. household would spend roughly $450 more for gas in 2022 compared exchange rate singapore dollar to euro to 2021, on an inflation-adjusted basis.

The average price of gas first went over $1 a gallon in 1980, when it went from $0.86 per gallon to $1.19 per gallon. Keep reading to learn how the cost has changed over the last 100 years. According to the EIA, the gas price will increase to $3.6 per gallon. The trend has generally been for prices to increase over time, with the highest average prices in 2017 and 2018.

We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology. Adjusting the price for inflation will give you an idea about the actual growth or seasonal fluctuation in the cost of gas. Here is how you calculate inflation to know how much the gas price has changed over time.

Make your money work for you

The fuel-savings app GasBuddy projects prices will probably average $4.25 in May and stay over $4 until November. The average price of gas in the 1990’s was just shy of $1.15. China built more than 80,000 miles of interprovincial highway in 2020. On the other hand, the U.S. has 47,000 miles of interstate highway.

Typically, gas costs less during the winter months when drivers are less likely to be on the road. Similarly, prices tend to rise during the spring and summer months when more drivers are on the road. This is 0.24 more per gallon than the average price of regular gas. Moreover, the gas price probably rises in the peak summer and spring because it’s the travel season, and the gas is more likely to evaporate. On the other hand, in winter, the prices are comparatively low. Now that you know when and why gas prices increase, you should always be prepared for sudden price fluxes.

Mississippi has the lowest price of gas, with an average of $2.82 per gallon of regular gas. California has the highest price of gas, with an average of $4.67 per gallon of regular gas. Today’s average price of gas in the U.S. is $3.30 per gallon, down $0.01 from yesterday, $0.05 from last week and $0.17 from last month. The average cost of a gallon of gas is now $5.005, according to GasBuddy, a two-cent increase from Wednesday’s record-high $4.991 average.

Gas is also cheaper for refiners because they don’t have to worry about evaporation. People drive more during warmer weather, so the demand is higher. Abrupt increases or decreases in gas prices are usually due to a disruption in crude oil supplies, the operations, or delivery of gas pipelines. Gas prices rise and fall according to supply and demand. If the supply is down and the demand is high, prices increase.