After a number of weeks of regular declines by means of March and April, common gasoline costs within the US have risen sharply in Could. Based on the US Power Data Administration (EIA), the nationwide common value for regular-grade fuel at present stands at $4.33. That could be a new document excessive, exceeding the earlier document of $4.32 set on March 14, 2022. The information is even worse for diesel, which stands at $5.62 per gallon and sure, that is additionally a document excessive. It is 12 cents greater than the earlier document of $5.50, set simply final week.
It is vital to notice that the EIA publishes data on a weekly foundation. As such the newest information comes from Could 9, however costs are prone to be even increased within the subsequent replace. AAA calculates each day averages, and its report for right this moment (Could 13) exhibits a nationwide common gasoline value of $4.43 per gallon. That is 10 cents greater than the EIA’s report, and diesel can be increased at $5.56. Total, in simply the final two weeks diesel has elevated almost 50 cents, whereas gasoline has jumped 23 cents.
The costliest areas proceed to be western states, particularly California the place fuel prices $5.87. The central United States provides the bottom costs, with averages near $4.00. Presently, Georgia has the most affordable fuel at $3.95. The one different state below $4.00 is Kansas, although simply barely at $3.99 per gallon.
There may be nonetheless some volatility within the oil market and costs have risen barely, however to not document ranges as we have seen with gasoline and diesel. As of Could 13, Brent crude closed up at $111.40, a modest enhance of $3.94 from the day gone by. WTI crude was additionally up at $110.30, a leap of $4.15. Each ranges are nonetheless effectively below document highs seen in March following Russia’s invasion of Ukraine.
The USA is simply two weeks away from Memorial Day weekend, which marks the unofficial kickoff to the summer time journey season. And with gasoline and diesel costs at all-time highs, it seems like vacationers will likely be paying greater than ever to hit the open highway.
