Wednesday, May 18, 2022

Gas Prices Hit New Record High, Analysts Say ‘get used’ to Paying More; Don’t Expect High Gas Prices to Decrease Anytime Soon; Gas Prices: ‘July and August are going to be Sizzling Months

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Gas prices hit new record high, analysts say ‘get used’ to paying more
The ongoing pain at the pump for Americans is getting even more brutal Friday — as gas prices reached a new record high.
The national average for a gallon of regular increased to $4.432, according to AAA figures.
That eclipses the previous all-time high set in mid-March when filling up tanks set drivers back an average of $4.331 per gallon nationwide.
The national average for regular gas stood at $4.418 on Thursday, the previous record high.
Friday’s new mark is roughly 15 cents more than a week ago and up from an average of $3.028 a year earlier, according to AAA data.
The cost at the pump varied widely from state to state, with the most expensive average prices in California ($5.872) and Nevada ($5.136). The cheapest gallons could be found in Georgia ($3.954) and Kansas ($3.986).
At those prices, California drivers would pay an extra $1,500 per year compared to Georgia drivers if they fill up their gas tanks every week. --->READ MORE HERE
AP Photo/Morry Gash
Don’t expect high gas prices to decrease anytime soon, oil executive warns:
High prices at the pump and rewards for energy-company shareholders after record losses during the pandemic will persist for the foreseeable future, a major energy executive says.
With gasoline prices continuing to break all-time records daily, drivers can expect to continue dumping more money into their tanks through the upcoming busy summer travel months, thanks to steady demand, limited supply and reduced refining capacity.
The national average for gasoline reached yet another new high Friday of $4.43 per gallon, 35 cents higher than a month ago and 32 cents higher than when gas last hit record levels in 2008.
Vicki Hollub, president and CEO of Occidental Petroleum, said Friday during a web conference among Federal Reserve officials, lawmakers and energy executives that consumers should expect the prices of oil and gasoline to remain elevated and for energy firms to keep prioritizing returns for investors.
“We need to respect the fact that the supply chains have been disrupted for the oil and gas industry in a very significant way,” she said. “That, coupled with the investor pressure, means that we’re struggling now to meet what demand is. … Even before the pandemic, we were starting to see the pressure from the investment community because of growth and the lack of return on capital to the investors.”
Ms. Hollub said: “Certainly, oil is going to continue to stay at a high price. Gasoline prices will stay high as well.” --->READ MORE HERE
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