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Paying $5 per gallon could soon be a new norm across the country as gas prices creep to a record-breaking high.
According to AAA, the national average for regular gas hit $4.48 on Monday (May 16), marking a 15-cent increase in just one week and 40 cents in the last month. Americans are seeing a 27% price increase since Russia invaded Ukraine back in February.
"Everything is pointing toward even higher prices," Lipow Oil Associates President Andy Lipow told CNN. "We are well on our way toward $5."
Four states –– California, Washington, Hawaii, and Nevada –– are already at an average of $5 per gallon, while Oregon is at $4.99. These higher prices are expected to increase ahead of Memorial Day Weekend, Lipow said.
While these gas prices are not adjusted for inflation, they are still hitting the budgets of households already facing inflation at the grocery store, restaurants, and more.
Lipow suggests that gas production should increase in the coming weeks but oil prices remain high. On Monday (May 16) per barrel prices went deeper into the $100's prices, reaching $114.20 a barrel –– a 3.4% jump since March.
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