According to AAA, the national average price for regular gasoline climbed more than four cents on Thursday to $4.71 a gallon, climbing more than 37 cents in six weeks.
The number is more than 65% higher than the average cost per gallon a year ago. Gas prices have continued to climb during Biden’s presidency and as millions of Americans are poised for summer travel.
This week’s surge will only add to inflationary pressures that have boosted fears of a national recession, hammered financial markets, and caused Americans’ views on the economy to become fearful.
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Gas prices had dropped as low as $4.07 a gallon in April after President Biden ordered the release of oil from emergency reserves and as oil prices cooled off. However, as some industry analysts predicted, that relief proved to be short-lived.
According to the U.S. Energy Information Administration, gas prices, adjusted for inflation, would have to rise above $5.30 a gallon to break the records set in 2008.
Experts say that number will likely surpass the $6 mark by the summer as costs in cities such as Los Angeles and San Francisco already met that mark earlier this month.
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