$5-a-gallon gas is here, and you'd better get used to it.
That’s according to GasBuddy, an aggregator of pump prices, which said the national average on Thursday reached the $5/gallon price point.
AAA’s national average on Thursday stood at $4.97, but a spokesman told MarketWatch the organization expects the average to reach the $5 mark over the weekend. There are almost 20 states where gas costs at least $5/gallon, AAA data shows.On Friday, the Bureau of Labor Statistics is scheduled to release May inflation data and analysts are predicting a 0.7% monthly rise in costs on consumer goods and services. In April, the year-over-year inflation rate was 8.
When it comes to gas prices, increased seasonal demand is on a crash course with high-priced oil, the biggest factor in prices. The economic consequences of Russia’s ongoing invasion of Ukraine have trimmed back global supply in a time of rising demand, GasBuddy noted. Diminished refining capacity has also ratcheted up the costs, it added.West Texas Intermediate crude for July delivery closed Thursday at $121.51 a barrel.
But the $5 mark may carry extra psychological weight, some previous surveys have suggested. That’s the price point where drivers increasingly take steps to scale back their driving habits.
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