WILMINGTON, N.C. (WECT) – The national average price of gas topped $5 per gallon today after months of price increases, according to GasBuddy.
GasBuddy attributes the spike to a “rise in seasonal demand amidst supply constraints borne out of the pandemic.”
Inventory of gasoline in the U.S. has fallen since early March and oil prices have risen as a result of the Russian war on Ukraine.
The U.S. refining capacity has fallen by around one million barrels per day over the last three years, according to the news release.
“It’s been one kink after another this year, and worst of all, demand doesn’t seem to be responding to the surge in gas prices, meaning there is a high probability that prices could go even higher in the weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “It’s a perfect storm of factors all aligning to create a rare environment of rapid price hikes. The situation could become even worse should there be any unexpected issues at the nation’s refineries or a major hurricane that impacts oil production or refineries this summer.”
Recommendations from GasBuddy include shopping around for the best prices, using gas station loyalty programs, driving more cautiously to be more fuel efficient, and paying with a gas card or gas rewards credit card.
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