How Much Money Lyfting Memorial Day Weekend

Motorists who took to the roads on Memorial Day weekend were met with record-high gas prices nationwide, according to AAA. — Motorists who took to the roads on Memorial Twenty-four hours weekend were met with record-high gas prices nationwide, according to AAA. Getty Images

Americans hitting the road on Memorial Day weekend were greeted by record-high gas prices as the boilerplate cost of a gallon of fuel hit $4.62 nationwide.

Motorists in California were feeling the strongest compression Monday, with some gas stations in parts of Los Angeles, the San Francisco Bay expanse and the Yosemite region charging in excess of $seven.25 per gallon — more than than the federal minimum wage.

On average, gas in the Gilt State costs $6.xv a gallon, more than in whatsoever other in the nation, according to AAA. Californians are saddled with higher prices due to taxes and surcharges that are added onto the baseline cost of fuel.

The nationwide average, meanwhile, represents a 40% increment from the start of the year. It is also well to a higher place final twelvemonth's $three.04 per gallon level.

Analysts predict that more states will cantankerous the $v per gallon average by the Fourth of July holiday as demand is expected to increase while supply remains tight.

The average cost of a gallon of fuel rose to $4.62 nationwide on Monday, according to AAA. — The average cost of a gallon of fuel rose to $4.62 nationwide on Monday, co-ordinate to AAA.

West Texas Intermediate, the US benchmark, reached more than $116 a barrel on Monday. — West Texas Intermediate, the US benchmark, reached more than than $116 a barrel on Mon.

The European Union is meeting Monday and Tuesday to discuss a sixth package of sanctions against Russia over its invasion of Ukraine. — The European Marriage is meeting Monday and Tuesday to talk over a sixth bundle of sanctions against Russian federation over its invasion of Ukraine.

"I don't remember every bit many people are going to hitting the road, and if they do, I think a good portion are going to exist staying shut to home," Patrick De Haan, head of petroleum assay at GasBuddy, told CNBC.

"They're definitely should be a noticeable bump, but my impression is people are non driving as far. The concern is high prices that are keeping people a little closer."

De Haan added: "At that place's likewise work-from-home that inverse things. At that place's a strong subset of people that can basically piece of work from the route all the time."

The holiday travel season usually brings with it much higher demand, which will likely send prices soaring even further, according to analysts. — The holiday travel season usually brings with it much higher need, which will probable send prices soaring even further, co-ordinate to analysts.

The surge in demand following the lifting of coronavirus-related lockdown measures as well as the ongoing Russian invasion of Ukraine have squeezed oil markets. — The surge in demand post-obit the lifting of coronavirus-related lockdown measures also as the ongoing Russian invasion of Ukraine have squeezed oil markets.

Global oil prices as well continue to tick upwards. Brent crude, the international benchmark, surpassed $120 per barrel, reaching a two-month high.

West Texas Intermediate, the U.s. benchmark, reached more than $116 a barrel on Monday.

The surge in need following the lifting of coronavirus-related lockdown measures as well as the ongoing Russian invasion of Ukraine take squeezed oil markets.

The Eu is meeting Monday and Tuesday to discuss a 6th parcel of sanctions against Russia over its invasion of Ukraine.

EU countries failed to concord on a Russian oil import ban despite last-minute haggling earlier the meridian got under way in Brussels on Mon.

But leaders of the 27 EU countries will agree in principle to an oil embargo, a draft of their summit conclusions showed, while leaving the applied details and difficult decisions until later.

With Mail wires

Source: https://nypost.com/2022/05/30/us-gas-prices-hit-record-highs-amid-memorial-day-travel/

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