BOSTON — Once again, you'll be paying more at the pump. According to GasBuddy, the new national average for fuel is $4.36 per gallon, rising above the previous national average of $4.35 set in March.
Diesel prices also hit an all-time record of $5.53, according to the release.
“Liquid fuels have turned into liquid gold, with prices for gasoline and diesel spiraling out of control with little power to harness them as the imbalance between supply and demand globally continues to widen with each passing day. Russia’s oil increasingly remains out of the market, crimping supply while demand rebounds ahead of the summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy, in a release emailed Tuesday.
“There’s little, if any, good news about fuel prices heading into summer, and the problem could become worse should we see an above average hurricane season, which could knock out refinery capacity at a time we badly need it as refined product inventories continue to plummet."
Unsurprisingly, the company's 2022 Fuel Outlook Report also projects families could be spending the most money this year compared to the last decade.
Just two years ago, in 2020, the average household spent $1,294 on gas. This year, the company expects the average household cost to be $2,745.
GasBuddy says prices could continue to climb through Memorial Day as people hit the road for vacations that include road trips.
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