Gas Prices Inching Closer to $5 Per Gallon

Wednesday, June 1, 2022 at 11:46 AM

Another record high average for gasoline was recorded today.

Shutterstock photo.

(Undated) - Another record high average for gasoline was recorded today.

According to AAA, the national average for a gallon of regular gasoline stands at $4.67.

Crude oil has moved above $116 a barrel as of Wednesday morning. AAA reports crude oil prices continue to rise due to fears of further global supply constraints caused by the European Union ban on Russian oil exports.

Furthermore, demand may again start to climb as drivers fuel up for the three-month-long summer travel season that began with the Memorial Day weekend, where an estimated 35 million travelers hit the road.

“So far, the pent-up urge to travel caused by the pandemic outweighs high pump prices for many consumers,” said Andrew Gross, AAA spokesperson. “But 67% of drivers recently surveyed told us they would change their driving habits if gas hit $4.50 a gallon. That number rises to 75% at $5 a gallon. If pump prices keep rising, will people alter their summer travel plans? That remains to be seen.”

Today’s national average of $4.67 is 50 cents more than a month ago, and $1.63 more than a year ago.

Gas prices across Indiana have risen to $4.76 per gallon. Gas prices in Ohio and Kentucky and slightly cheaper at $4.60 and $4.42 per gallon, respectively.

Learn more at AAA Gas Prices.