--- title: Gas Prices Are Spiking Again and Could Hit a New Record High Soon description: Gas prices in the U.S. are rising again, especially in states like Ohio and Michigan, and the national average could hit a record high soon. authors: - name: Adam Hardy role: Lead Data Reporter url: https://money.com/author/adam-hardy/ bio: Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and more than a dozen local and regional newspapers. education: University of South Florida, BA, Magazine Journalism at_money_since: 2021 articles: 501 covers: - Economy and Politics - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - The Penny Hoarder - Forbes Advisor - Creative Loafing - The New York Times - The Washington Post - Bloomberg - Harvard Law School - The Federal Register - National Consumer Law Center - CBS News - Becker's Hospital Review - Business Insider - Mother Jones - The Week - Fortune - The Philadelphia Inquirer - National Association of Student Financial Aid Administrators (NAFSAA) - Education Advisory Board (EAB) - The Institute for College Access & Success (TICAS) - This Morning with Gordon Deal - Empower - Reddit social: - https://www.x.com/hardyjournalism - https://www.linkedin.com/in/hardyjournalism/ editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Economy and Politics - Banking - Business - Career Advice - Credit - Credit Cards - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2022-05-06T17:51:53.000Z' modified: '2024-01-10T17:29:17.000Z' section: Economy and Politics tags: - Gas prices - News word_count: 531 canonical: https://money.com/gas-prices-spiking-again-record-high/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![News-Gas-Prices-Rising-All-Time-High](https://img.money.com/2022/05/News-Gas-Prices-Rising-All-Time-High.jpg?crop=0px%2C59px%2C2880px%2C1620px&quality=85) Gas prices are rising rapidly, yet again. The national average for a gallon of regular is up 11 cents in one week and now sits just 5 cents below the all-time high notched in March. At this rate, gas prices could reach a new record high very soon — perhaps even over the weekend. According to the automotive club AAA, the average price per gallon is $4.28 on Friday. That’s an increase of more than 4 cents since just yesterday and 11 cents since last Friday. The highest average price for a gallon of regular gas ever recorded in the U.S. was $4.33, on March 11. Meanwhile, several cities saw average gas prices soar [beyond $5](https://money.com/gas-prices-5-gallon-california-cities/?ref=/gas-prices-rising-again/) for the first time. The surging cost of gasoline in March contributed to the [8.5% inflation rate](https://money.com/inflation-highest-since-1981-gas-prices/), a four-decade high. April brought a brief reprieve at the pump, [when gas prices fell](https://money.com/gas-prices-drop-below-4-gallon/) for several weeks in a row. Now, they’re trending upward again — and fast. Michigan, Ohio and Pennsylvania are seeing price increases much faster than the national average. Since last week, the average cost of a gallon rose 31 cents in Michigan, 19 cents in Ohio and more than 17 cents in Pennsylvania. As usual, drivers in western states as well as Alaska and Hawaii are paying the highest prices for gas. The average price per gallon in California is a whopping $5.78. In Hawaii, it’s $5.28, and in Nevada it’s $5.11. While regular gas prices are on their way to new all-time highs, diesel prices have already set a new record. AAA reports the average price per gallon is at a record high of $5.51 nationwide as of Friday, marking a 33-cent jump in one week.~ ~ ## Why gas prices are so high Experts point to rising oil prices as a major reason why diesel and regular gasoline are currently so expensive. According to the U.S. Energy Information Administration, the price of crude oil accounts for about 60% of the price we pay at the pump for regular gas. The price per barrel of crude oil has been spiking in the aftermath of [Russia’s invasion of Ukraine](https://money.com/russia-ukraine-sanctions-inflation/), which has upended the global oil supply. For example, on Feb. 24, the day Russia invaded, the price per barrel of crude oil was about $92 on the West Texas Intermediate market. On Friday, it’s above $109. Gas prices have yet to stabilize as energy companies like Shell and BP pull out of Russia and the European Union rolls out sanctions on Russian oil, thus potentially tightening oil supply further. Shell reported that leaving Russia would cost it billions, but that didn’t stop the energy behemoth from raking in a profit of $9.1 billion from January to March, the company’s most profitable quarter ever. While gas is undoubtedly breaking the bank for many Americans, perhaps there's some solace in knowing things aren't quite as bad as they were during the Great Recession. Gas prices then [hit $4.11](https://money.com/gas-prices-rise-record-fast-pace/). While nominally lower than now, that comes out to $5.27 when adjusted for inflation. [How to Save Money on Gas](https://money.com/how-to-save-money-on-gas/) [7 Strategies People Are Using to Combat High Gas Prices](https://money.com/people-combatting-high-gas-prices/) [3 Best Money Moves for May](https://money.com/best-money-moves/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/gas-prices-spiking-again-record-high/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Economy and Politics", "item": "https://money.com/economy-and-politics/" }, { "@type": "ListItem", "position": 3, "name": "Gas Prices", "item": "https://money.com/gas-prices/" }, { "@type": "ListItem", "position": 4, "name": "Gas Prices Are Spiking Again and Could Hit a New Record High Soon" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/gas-prices-spiking-again-record-high/#webpage", "url": "https://money.com/gas-prices-spiking-again-record-high/", "name": "Gas Prices Are Spiking Again and Could Hit a New Record High Soon", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2022-05-06T17:51:53.000Z", "mainEntity": { "@id": "https://money.com/gas-prices-spiking-again-record-high/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/gas-prices-spiking-again-record-high/#breadcrumb" }, "dateModified": "2024-01-10T17:29:17.000Z" }, { "@type": "NewsArticle", "headline": "Gas Prices Are Spiking Again and Could Hit a New Record High Soon", "articleSection": "Economy and Politics", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2022/05/News-Gas-Prices-Rising-All-Time-High.jpg?crop=0px%2C59px%2C2880px%2C1620px&quality=85", "width": 1012, "height": 569, "caption": "News-Gas-Prices-Rising-All-Time-High" } ], "author": [ { "@type": "Person", "name": "Adam Hardy", "url": "https://money.com/author/adam-hardy/", "@id": "https://money.com/author/adam-hardy/#author", "description": "Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. 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