Gasoline prices are climbing towards $5 or higher nationally, and look set to stay high even beyond peak driving season in July.
For the first time ever, the average price for unleaded gasoline was $4 per gallon or above in all 50 states this week, AAA data shows. Due to taxes and other factors, prices vary widely — with California at an average $6.05 per gallon, and Florida at an average of $4.50.
Kloza said he expects consumers would cut back on driving if gasoline gets too costly, and that would cool the price somewhat. Analysts say an economic slowdown could also slow price gains. According to Yardeni Research, consumers' inflation-adjusted incomes are barely growing. On one hand, they have accumulated a lot of savings; on the other, they are charging more on credit cards.
Now, the European Union's efforts to end Russian oil purchases altogether is just one wild card for the price of fuel, which is also in tight supply due to a decline in refining capacity. This comes as U.S. refining capacity has contracted overall by about a million barrels over the last several years. The Philadelphia Energy Solutions refinery explosion in 2019 took that refinery offline, resulting in the loss at one facility alone of 335,000 barrels a day.
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