Gas prices in the United States have been drastically on the rise since the Russian invasion of Ukraine, with no signs of stopping in sight. In the last week, the national average has increased by 15 cents, reaching a record of $4.48 a gallon. In the last month the prices have gone up an average of 40 cents, and 27% total since the start of the war. Now experts say the record-breaking prices could soon reach $5 a gallon in most places.
Andy Lipow, the President of Lipow Oil Associates, says “everything is pointing toward even higher prices. We are well on our way toward $5”. However, Lipow also notes that these predictions could change drastically if there is a sudden development in the war in Ukraine. Additionally, Covid plays a major role in these prices, and as with Ukraine a surprise change in the status of Covid could also affect a rise or fall.
In four states the gas prices are already above $5: California, Washington, Nevada and Hawaii. Oregon’s average price is $4.99 and will likely soon join the list of $5 states. As drivers prepare for trips to the beach to celebrate Memorial Day Weekend, they will also be met with a significant cost at the pump. While the price increases are no surprise at this point, it could deter people from traveling for the upcoming holiday weekend.
