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Gas prices hit $3 per gallon average: First time since 2014

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The national average price of gasoline has passed the $3 per gallon mark, according to GasBuddy, which points to the COVID-19 related recovery as the precipitating factor.

“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. “In this case, rising gas prices are a sign Americans are getting back out into the world — attending baseball games, going to concerts, taking a road trip — basically staying anywhere but at home. 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.”

GasBuddy expects summer gas prices not to set records, but settle down to levels more similar to 2018: the national average briefly rising above $3/gallon but eventually falling back under and remaining in the upper $2 to low $3 per gallon range.

Should any major refinery issues develop in the midst of the summer travel season, gas prices could become impacted in a large way, especially if the economy continues to see solid recovery and demand for fuels increases.

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

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