$5 Gas Could Become More Common as Prices Hit Another Record

$5 Gas Could Become More Common , as Prices Hit Another Record.

According to AAA, on May 17, the national average for regular gas was $4.48 a gallon.

CNN reports that's a 40-cent increase over the course of a month.

Gas prices are 27% higher than the day before Russia attacked Ukraine.

Everything is pointing toward even higher prices.

We are well on our way toward $5.

, Andy Lipow, president of Lipow Oil Associates, via CNN.

AAA reports that the average cost of gas in four states is already above $5 a gallon.

Those states are California, Washington, Nevada and Hawaii with Oregon not far behind.

Still, the U.S. Energy Information Administration says that after adjusting for inflation, gas prices are not yet at record highs.

That record was set in 2008 when gas averaged $5.38 a gallon after adjusting for inflation.

As inflation, shipping issues and COVID continue to be a problem worldwide, supply simply can't keep up with demand.

No one can crank up the refinery because they don’t have any spare capacity, Robert Yawger, vice president of energy futures at Mizuho Securities, via CNN