economy
Gas prices: Increase of 20 cents per gallon since last week
The national average price for regular gas kept soaring on Wednesday, rising to a new yearly high of $4.229 per gallon, according to AAA. This is a greater-than-5-cent-per-gallon increase from Tuesday and more than 20 cents per gallon higher than just a week ago.
TL;DR
- National average gas price reached a new yearly high of $4.229 per gallon on Wednesday.
- Prices have increased by over 5 cents from Tuesday and more than 20 cents from the previous week.
- This new high follows a monthly low of $4.02 per gallon in April and comes after six consecutive days of increases.
- Energy Secretary Chris Wright had previously predicted prices had likely peaked for the year, a statement contradicted by President Trump who linked price drops to the conclusion of the war in Iran.
- Gas prices have gradually increased since hitting a five-year low of $2.79 per gallon on January 12.
- Initial blame for rising costs was winter weather, but prices soared after the Iran war began.
- Treasury Secretary Scott Bessent predicted a return to $3 per gallon gas during the summer, while Chevron CEO Mike Wirth anticipates higher prices for the remainder of the year due to the Iran war.
- Regional price differences exist, with the western U.S. having the highest prices and the Midwest/Great Plains having the lowest.
- Oklahoma has the lowest gas prices at $3.658 per gallon, while California has the highest at $5.983 per gallon.