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.
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.
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.
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