GOBankingRates

National Gas Prices Have Gone Up More Than 45 Cents Per Gallon Since the Russia-Ukraine War Started

123ducu / Getty Images/iStockphoto

As inflation for many consumer items seems to be slowing based on recent reports, the price of gas continues to climb. On June 1, the national average for regular unleaded hit a new record of $4.67 per gallon. By mid-afternoon on June 2, the national average jumped to a new high of $4.71.

Discover: 15 Cheap, Beautiful Places To Retire
More: 10 States That Receive the Most Social Security

On May 31, coming off Memorial Day weekend, AAA predicted that the slow climb of just a penny per gallon the week prior was “the calm before the storm.” Now, prices are spiking as demand climbed during the weekend and in the days after.

“So far, the pent-up urge to travel caused by the pandemic outweighs high pump prices for many consumers,” Andrew Gross, AAA spokesperson, said in a AAA blog post.

CNN reported that gas has risen by 48 cents in the past month, and is 32% more expensive than it was immediately before the Russia-Ukraine war.

Andy Lipow, president of Lipow Oil Associates, said he expects that national average to climb to $4.75 within the first 10 days of June, according to CNN.

See: Why Inflation Is Making Your Paycheck Worth Less
Live Blog: SNAP (Food Stamps), Social Security Benefits and More

Per the latest AAA report, seven states now have average prices exceeding $5, while California stands alone in the $6+ club — for now. CNN detailed that crude oil prices are continuing to climb, driving pump prices higher by the minute. Brent crude, the world benchmark, opened up 1.2% on June 1.

More From GOBankingRates