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Gas surpasses $4 in every single state for the first time

Gas has risen above $4 (£3.22) a gallon for the first time in all 50 US states, another sign of rising costs for consumers.

Kansas, Oklahoma and Georgia were the latest outliers among the US states where prices rose above the $4 margin on Monday, the American Automobile Association (AAA) said.

Some states, including California, have already seen prices above the $6 (£4.83) mark, according to Bloomberg, while five other states are above $5 (£4.03) a gallon.

The price hikes come nearly two months after Russia’s war in Ukraine, which has pushed up food and energy prices around the world.

Americans have not been immune to rising costs or inflation, as US President Joe Biden recently released some of the country’s oil reserves to bring down costs. However, this does not appear to have a direct impact on costs.

“The high cost of oil, the main ingredient in gasoline, is driving these high pump prices for consumers,” AAA spokesman Andrew Gross said in a statement Monday seen by CNBC.

“Even the annual seasonal drop in demand for gasoline during the break between Spring Break and Memorial Day, which would normally contribute to lower prices, is having no impact this year,” he added.

A lack of oil refining capacity is also reportedly making matters worse in the US, as facilities are not yet capable of processing oil at pre-pandemic levels. This change in consumer demand has also pushed up prices.

In a speech in March, Mr. Biden vowed to address rising prices for goods and energy, with a speech blaming Russian President Vladimir Putin for the “price hike Americans and our allies are feeling at the pump.”

Russia is among the world’s largest exporters of oil, while Ukraine is also a major exporter of agricultural commodities, which increases the cost of food, among other things.

https://www.independent.co.uk/news/world/americas/gas-price-us-crisis-rise-b2081802.html Gas surpasses $4 in every single state for the first time

Bobby Allyn

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