On Sunday, the U.S. national average came in at $5.01 per gallon of gasoline, according to the AAA, roughly two dollars up from the year-ago average of $3.07. Data also shows that there are almost 20 states where gas prices cost at least $5. GasBuddy pegged the average above $5 per gallon last week.
Increased seasonal demand amid the Russia-Ukraine war creating a tight supply, has ramped up spending at the pump. The war crisis has also exacerbated the already-existing supply shortage due to the pandemic-induced production slowdown. Analysts believe that lowering prices might not be simple. On top of it, Goldman Sachs Group Inc. (GS) has predicted crude oil prices to average $140 a barrel between July and September.
