National average price of gas spikes to $5 a gallon
(Gray News) – The national average price of gas surpassed $5 a gallon for the first time ever Thursday, according to GasBuddy.
This comes behind months of gas price increases across the country, driven by the rise in seasonal demand amid supply constraints.
“It’s been one kink after another this year, and worst of all, demand doesn’t seem to be responding to the surge in gas prices, meaning there is a high probability that prices could go even higher in the weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
De Haan said the situation could become worse if there are any unexpected issues at the nation’s refineries or a major hurricane that impacts oil production or refineries this summer.
“It’s a perfect storm of factors all aligning to create a rare environment of rapid price hikes,” De Haan added.
According to AAA, people are still fueling up despite the high prices, but at some point, drivers may change their daily habits because of the increased costs.
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