The national average price for a gallon of regular gasoline broke multiple records in the first two weeks of May, according to the American Automobile Association. AAA is a national, private, nonprofit association and service organization with more than 60 million members in the United States and Canada. Its National Gasoline Price Survey found that as of May 16, 2022, nearly every state had exceeded the price of $4 a gallon.
Fluctuations in the price of gasoline – up 30.8% per gallon in the United States from a year ago – are felt on a personal level, but are often influenced by sudden events and changes of major politics across the country and the world. Natural disasters like hurricanes that shut down refineries along the Gulf of Mexico, where about half of U.S. crude oil is processed, can push prices up almost immediately. As in the first Gulf War with Iraq in 1990-91 or the Russian invasion of Ukraine in February, military conflicts involving oil-producing countries can also have repercussions around the world.
The cost of crude oil, set by global supply and demand, is the country’s most important determinant of gas prices. Currently, strong seasonal demand, the rebound in travel following COVID-19 restrictions, weak domestic production and international sanctions against Russia, a major player in the global oil market, are all contributing to the steady rise in prices. price at the pump.
Route-planning app Routific looked at AAA data to see how gas prices have changed in each state over the past year, including the nation’s capital in response to world events. East Coast states have seen the most painful price increases at the pump.