Gas Prices Rise About 5 Cents Over Night
The national price of gas in the United States had a 5 cent rise overnight, now hitting a record $4.92 per gallon on average. That five cent from Monday night into Tuesday rise moved into what is a total of 10 cents from Saturday. Americans are currently paying $1.81 more on gas than they did a year ago when the average price was about $3.05, per AAA.
Experts say that gas is projected to hit and surpass the $5 mark within the week, “However, the national average is likely to hit $5 per gallon this week as oil prices continue to rise and gasoline inventories sit at their lowest level for this time of year since 2014” - Andy Lipow, president of Lipow Oil Associates, said in a statement.
Along with the already high prices and there being no sign of a break coming soon, another factor for a price rise in the near future is due to a major storm (Tropical Storm Alex) that will be making landfall on the Gulf Coast as June 1st marked the start of the hurricane season. The Gulf Coast is where 15% of the nation’s oil production along with over 45% of the refineries capacities are located, the storm can result in a significant supply disruption sending prices even higher. As of now oil stocks stand $118.28 with a percentage decrease of 0.28% (0.24%) in the premarket, as of 6/7/22.