U.S. average gasoline prices surge to $2.79

Have you noticed gasoline prices are climbing.

According to GasBuddy, the national average price of gas has risen for the ninth consecutive week, adding five cents per gallon to $2.79. This is way up from last year’s low of $1.75.

You can expect to pay more in certain states and less in others.

The states with the lowest average prices: Mississippi ($2.43), Louisiana ($2.44), and Texas ($2.49). The states with the highest priced gas: California ($3.74), Hawaii ($3.44), and Washington ($3.17).

“OPEC surprised oil markets last week by extending oil production cuts for another month, ignoring the resurgence in global demand as economies recover from COVID-19. Markets responded by pushing oil prices up some 12%. As a result, motorists should prepare for further gas price increases in the weeks and potentially months ahead, with a $3 per gallon national average potentially less than a month away,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

“At the start of this year, it was somewhat outlandish to predict a $3 per gallon national average for the summer driving season, but thanks to the speed of recovery from the pandemic pushing demand higher and OPEC’s reluctance to raise oil production, we’re on the cusp of making that a reality. As a consumer, it’s extremely frustrating to feel helpless as prices soar and as millions remain unemployed. The only advice I can offer is prepare for further increases, and to mitigate rising prices, shop around for the low prices every time you need to refuel. I’m hopeful OPEC will see the error in their ways at next month’s meeting, but with demand exceeding supply, the longer the imbalance continues, the longer it will take for any rise in oil production to offset it.”

It seems every facet of life is going to get more expensive, from gas to food to shelter.