Last week gas prices increased, first Tuesday, and continued through Thursday when the price per gallon hit a new record high.
Gas reach $4.42 per gallon on Thursday, with diesel hitting $5.56 per gallon.
With inflation adjusted, the price per gallon still has not surpassed the 2008 inflation crisis.
A gallon of gas today adjusted for inflation in 2008 would be worth over $5.
In March inflation rates reached 8.5%, a record 40 year high.
The reality of seeing gas at $2 per gallon again seems far fetched right now.
How long will it be before gas prices drop?
Gas prices going back to what they were before the pandemic is unlikely.
When it comes to a decrease in price this summer, that also seems unlikely.
Hurricane season is coming, and USA Today reports that could cause prices to become even worse this summer.
Will prices still go up?
It is most likely that gas prices remain over $4 throughout the summer, and would not be far fetched to hit $5.
The issue is inflation compounded with the war between Russia and Ukraine.
If the price of oil remains high, then gas will too.
Russia’s oil is off the market, and last week the European Union expressed they could sanction oil from Russia as well.
This greatly increased the cost of crude oil, as it becomes harder and harder to get.
California is seeing gas prices at their highest, with an average of $5.85 on Thursday.
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