Gasbuddy Reports Average US Gas Prices Passed $5 Per Gallon

The national average price of gas in the U.S. surpassed $5 per gallon today for the first time ever, according to GasBuddy, the leading fuel savings platform saving North American drivers the most money on fuel. There has been months of gas price increases across the country, accelerated by the rise in seasonal demand amidst supply constraints borne out of the pandemic.

In recent weeks as U.S. gasoline inventories have fallen over 25 million barrels, or over one billion gallons, since the start of March amidst a global decline in refining capacity.

Prices are averaging $6.40 in California.

There is a heat map of prices.

On March 5, 2022, National average price of gas breaks $4/gal for the first time since 2008.

Oil Price indicates that OPEC has almost used up its spare capacity.

Conservative estimates, cited by Reuters, OPEC’s spare production capacity could slip below 1 million barrels daily by the end of this year. This is equal to less than 1 percent of global demand.

According to the EIA, the situation looks a lot better, with OPEC’s spare capacity at around 3 million bpd right now.

There is risk of oil disruption in Libya and hurricanes could impact Gulf of Mexico producion.

SOURCES – Gasbuddy, Oilprice, EIA
Written by Brian Wang, Nextbigfuture.com

7 thoughts on “Gasbuddy Reports Average US Gas Prices Passed $5 Per Gallon”

  1. I know this is hard for everyone but the only way to get farmers to switch to electric combines and tractors is for gas to be so expensive. The only way to get long haul truckers in to electric semis is for gas to be so expensive. The only way to get passengers in to electric jets is for gas to be so expensive. The only way to get freight companies to use electric trains is to for gas to be so expensive. The only way to get shippers to use electric cargo ships is for gas to be so expensive.

    Shared sacrifice is tough and by tough I mean thanks for paying more while I hype up the latest Covid variant as an excuse to work from home for another year. Fortunately the only place where our modern society uses energy is in fuel and making that expensive doesn’t ripple through the economy. We are in the midst of a great and noble transition and as soon as everyone switches their ICE’s for the yet to be created EV equivalent then Gaia will be happy. So sacrifice on noble proles, it makes Gaia smile.

    Reply
    • Hard to tell whether you are being sarcastic or actually mean what you say.

      I don’t know how accurate it was, but I saw an article a while ago that claimed that even if electric combines and similar agricultural equipment could be produced, they would not support the typical nearly continuous operation for many days or weeks needed during harvest time.

      As far as I know,, electric jets don’t exist, and it does not seem possible to create them with the technology we have now.

      Electric ocean-crossing ships also seem beyond current technology.

      Reply
  2. Petrol producer make awfull money on our back , low offer is their mantra. At the end this will accelerate the move to renewable energies

    Reply
  3. In addition to special state mandated formulations, California is still importing significant amounts of foreign oil (mostly from the Middle East). That is why they are consistently higher in price.

    If the Middle East supplies are disrupted, CA is screwed. There are not enough rail cars to ship oil across country and the rocky mountain rail grades would prohibit long enough trains anyway. Plus, the Jones act makes it illeagle to move by ship because there are no US Flagged tankers.

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      • Actually they could all be solved but the pain is being used as a stick to “change behavior”. I mean if fuel was cheap then people might not rush out to buy an EV that they won’t be able to get for 6-18 months.

        Reply

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