RALEIGH, N.C. (WNCN) – Gas prices continue to surge and hit new record highs.
The national average hit $5 a gallon early Thursday, GasBuddy reported.
“This long-anticipated milestone comes behind months of gas price increases across the country, accelerated by the rise in seasonal demand amidst supply constraints borne out of the pandemic,” GasBuddy said in a release.
On Thursday, North Carolina’s average for a gallon of regular hit $4.65 – a new all-time record high for the state, according to AAA.
North Carolina’s highest average remains in Hyde County at $4.83. Earlier in the week, prices in Hyde County topped $5.
The average in Wake, Durham, and Orange counties is $4.67
Diesel prices also hit a record in the state with the average price of a gallon reaching $5.76.
Patrick De Haan with Gas Buddy said seven cities in California now have gas prices that top $7 a gallon.
De Haan said the national average hit $5 a week earlier than previous predictions.
The cost of a barrel of oil is now more than $120 – nearly double from August as AAA said the demand for oil is outpacing a “tight global supply.”
A week ago, OPEC nations said they would raise production by 648,000 barrels per day in July and August, offering modest relief for a struggling global economy.
The increase in production restores cuts made during the recession.
Oil prices continued to rise even after the announcement.