GasBuddy predicts the U.S. national average price of gas could reach up to $4.25 in May 2022 and remain above $4 per gallon through October.
$2,745 on gasoline in 2022, up from $1,977 in 2021., showing that the average price per gallon could reach up to $4.25 in May and remain above $4 per gallon through October.
The outlook also forecasts that the overall yearly average in 2022 will stand at $3.99 per gallon. It notes that individual U.S. states will vary based on their location and taxes. California, for example, tends to be considerably higher than other states like Texas and Oklahoma.On Friday, states with the highest national average included California at $5.074 a gallon and Hawaii at $4.660 a gallon,On the lower end, Texas averaged $3.491 a gallon, Oklahoma at $3.456 and Missouri at $3.
"Russia’s invasion and the responding escalating series of financial sanctions by the U.S. and its allies have given the global oil market the jitters," Andrew Gross, AAA spokesperson, said in a statement. "Like the U.S. stock market, the oil market responds poorly to volatility."The Russian army is "firing from all sides" at Zaporizhzhia nuclear power plant in southern Ukraine, the country’s foreign minister Dmytro Kuleba tweeted on Friday.
"It’s an explosive situation, and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers," Gross added.Meanwhile, Federal Reserve Chair Jerome Powell warned this week that Russia's invasion of Ukraine will likely further magnify the high inflation that has engulfed the U.S. economy.
In the view of most economists, the surge in inflation is largely a consequence of a shortage of labor and components resulting from bottlenecked supply chains, much of it resulting from the global economy’s swift rebound from the pandemic recession.Latest News
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