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Gasoline Prices Will Stay High

May 29, 2022

From the Kiplinger website

Gas prices keep hitting new record highs. The national average price of regular unleaded reached $4.60 per gallon today, according to travel website AAA. Every state in the nation is averaging over $4, with Oklahoma the cheapest at $4.03. California has the dubious distinction of having the highest average price in the nation, at $6.07 per gallon. Unfortunately, there is a good chance that the price at the pump has not yet peaked, since we are just entering the summer travel season, which is expected to be very busy this year. People who missed out on lots of vacations during the pandemic are eager to make up for lost time, and many of them will be driving instead of flying, since airfares are so high. Strong demand is likely to push gas prices at least a bit higher in coming weeks. In fact, we could take a run at $5 per gallon for the national average. Diesel is also sky-high, averaging $5.55 per gallon. That makes transporting freight by truck or train very costly, and adds to overall inflation.

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