US gas prices rose again over Memorial Day weekend, and with news that the European Union has approved a partial ban on oil from Russia, that price is expected to rise again soon. .
According to GasBuddy, the average gas price in the United States rose to $4.60 per gallon, marking the sixth consecutive week in which the price rose. The national average was up 42.8 cents from a month ago and $1.56 a gallon from a year ago. For example, Wisconsin and Colorado each posted an increase of eleven cents from the previous week, while the price rose by ten cents each in California and Utah.
“After several weeks of soaring gas prices, last week prices slowed nationwide ahead of Memorial Day, but I’m afraid the good news ends there,” said Patrick De Haan, head of of oil analysis at GasBuddy, in a blog post on Tuesday.
“In addition to ongoing talk that the EU is still working to sanction Russian oil, even if Hungary resists, oil markets are quite nervous. Due to the continued decline in gasoline stocks over the past few weeks, wholesale gasoline prices jumped last week, which will likely increase prices at the pump in the near term,” he added. “Great Lakes motorists could see prices spike early in the week. to reach new records, and the rest of the country will follow. Chances are we’ll eventually see the national average hit that dreaded $5 a gallon.”
AAA, in its weekly report, said the average price rose three cents to $4.62 last week, while acknowledging the respite may be brief, citing the EU decision as well as growing demand regular summer driving. The AAA report pegged the average price at “5 cents higher than a month ago and $1.58 higher than a year ago.”
“So far, pent-up wanderlust caused by the pandemic has outweighed high prices at the pump for many consumers,” AAA spokesman Andrew Gross said in the statement. Gross continued, “But 67% of drivers surveyed recently told us they would change their driving habits if gas reached $4.50 a gallon. That number jumps to 75% at $5 a gallon. If pump prices continue to rise, will people change their summer travel plans? That remains to be seen.”
Meanwhile, the EU touted its sanctions deal on Tuesday. “Agreement to ban the export of Russian oil to the EU”, Charles Michel, President of the EU, tweeted tuesday. “This immediately covers over 2/3 of oil imports from Russia, cutting off a huge source of funding for its war machine. Maximum pressure on Russia to end the war.
Stephen Silver, technology editor for The National Interest, is a journalist, essayist and film critic, who also contributes to The Philadelphia Inquirer, Philly Voice, Philadelphia Weekly, the Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and connect today. Co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver.