Paying more than $4 for a gallon of petrol was once considered a coastal problem experienced by Americans in costly large cities in several areas of the United States. However, for the first time, the average price of a gallon of petrol in all 50 states has topped $4.
According to AAA statistics, while the national average price has been hovering at or over $4 for weeks, Georgia, Kansas, and Oklahoma have yet to do so.
However, they joined the rest of the country this week, with an average gallon of petrol costing $4.01 in Oklahoma on Tuesday, according to AAA estimates. This is significantly less than the California average cost of a gallon of petrol, which was $6.02. It cost $4.06 in Georgia and slightly over $4 in Kansas.
On Tuesday, the national average for a gallon of petrol was $4.52. On Tuesday, prices in California, Washington, Oregon, Nevada, Alaska, and Hawaii averaged more than $5.
Although the prices are a shock to Americans, Severin Borenstein, an economics professor at the University of California at Berkeley whose research focuses on energy pricing, said he was not surprised by the milestone, adding that with high crude oil prices, constrained refineries, and strong demand as the economy recovers, it’s no surprise that we’ve reached these levels.
Borenstein pointed out that rising gas prices are particularly difficult for low-income drivers, adding to a long list of economic concerns that include rising medical expenditures and rents.
The national average price of gas touched a new high last week, owing to rising inflation and turmoil in the gas and oil markets, owing in part to the conflict in Ukraine.