The national average retail price for gasoline hasn’t cooled in nearly a month. 

Since April 24, prices at the pump have either remained flat or climbed, according to AAA. Gas prices have also consistently set new record highs since May 10, surpassing the previous record of $4.33 per gallon. 

On Tuesday, the national average for a gallon of regular gasoline rose to $4.59, with the average in every state sitting above $4 per gallon. 

Russia’s invasion of Ukraine “sent shock waves through the oil market that have kept oil costs elevated,” according to AAA spokesperson Andrew Gross. Meanwhile, demand in the U.S. is rising as more drivers hit the road for the summer driving season, Gross added. 

Upward of 34.9 million motorists are already projected to drive over the upcoming holiday weekend, which is seen as the unofficial start to summer.   

“Tighter supply and increased demand have pushed pump prices higher,” according to AAA. “This supply/demand dynamic and volatile crude prices will keep upward pressure on pump prices.”

Over the past week, motorists in Alaska were hit hardest with prices climbing 31 cents. The top 10 states with the biggest weekly increases saw prices jump at least 15 cents. 

The top 10 states that saw the biggest increases since last Monday: 

  1. Alaska: 31 cents
  2. Michigan: 18 cents
  3. Indiana: 18 cents
  4. New York: 18 cents
  5. Washington: 17 cents
  6. West Virginia: 17 cents
  7. Ohio: 16 cents
  8. Oregon: 16 cents
  9. New Jersey: 16 cents
  10. Maine: 15 cents

Original Artcle  -Fox Business


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