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Kansas was one of several states Monday where the average price of gas rose above $4 bringing the total number of states to 50. Numerous states have prices above $5 a gallon and gas stations on the West Coast are adding an extra digit to electronic signs in anticipation of gas rising above $10 per gallon.
The data was compiled by AAA and marks the continued historic rise of fuel since the beginning of the Biden administration. The national average price for regular unleaded gas on May 17 was $4.52 per gallon. This is 3.4 percent higher than the price of $4.37 per gallon one week prior; 10.9 percent higher than the price of $4.08 per gallon one month prior; and 48.5 percent higher than the price of $3.05 per gallon one year prior in 2021.
The state with the highest gas price was California at $6.02 per gallon. That’s just the average as some parts of the state are pushing $7. California is followed by Hawaii at $5.34 and Nevada at $5.20. Kansas and Oklahoma had the lowest gas prices at $4.01 per gallon, followed by slightly higher prices in Georgia at $4.06. Missouri saw it rise above $4.10 and Illinois at to $4.91.
“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers,” said Andrew Gross, AAA spokesperson, in a May 16 statement.
“Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year,” Gross said.
At a May 13 online forum co-hosted by the Federal Reserve Banks of Dallas and Minneapolis, Vicki Hollub, President and CEO of Occidental Petroleum, warned that she expects things to get worse for consumers at the gas pump, as supply chain issues continue to hamper oil production.
“We will see incremental production from the U.S. this year, but it’s going to be insufficient to meet the demands,” Hollub said.
“We’ve only seen the beginning of this oil supply shock,” said economist Lutz Kilian of the Federal Reserve Bank of Dallas at the event.
The infamous “I did that!” stickers, which feature a picture of President Biden, continue to show up on tens of thousands of gas pumps across the country. As Summer driving gets underway, it may become an even bigger protest action.
–Wire services
