The national average reached $3 per gallon on Wednesday – its highest in 2,381 days. GasBuddy said the recovery from the COVID-19 pandemic and slow improvement in supply are to blame.
“While this is not a milestone anyone wants to celebrate, it’s a sign that things are slowly returning to normal,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “This summer may see some blockbuster demand for fuel as well, as Americans find it very challenging to travel internationally, leading many to stay in the confines of U.S. borders, boosting some weeks to potentially record gasoline demand.”
There is some good news: GasBuddy says summer gas prices are forecast to settle to levels seen in 2018 when the average sat just under $3.
Previous yearly peaks in gas prices and date:
Jan 9, 2020 = $2.60
May 5, 2019 = $2.89
May 27, 2018 = $2.97
Sept 9, 2017 = $2.66
June 12, 2016 = $2.38