Gas prices hit record high over Memorial Day weekend

(NewsNation) — Gas prices have hit — yet another — new record over the Memorial Day weekend.

Unfortunately, there is no sign of relief anytime soon.

On Tuesday, the national average stood at $4.67 per gallon.

In California, the average is well above $6 per gallon. And in some parts of the Golden State, a gallon of regular fuel is as much as the federal minimum wage.

A Chevron in Los Angeles is actually charging more than the minimum wage, selling a regular gas for $7.99 per gallon, according to GasBuddy.

Gasoline hiked a nickel higher overnight into Wednesday, meaning Americans are paying on average five cents more for a regular gallon of unleaded gas.

For many around the country, frustrated feelings about fuel prices are about to get worse.

Analysts say if you live in Michigan, Indiana, Ohio, Kentucky or in parts of Illinois, West Virginia or Florida prices might take flight, raising 20 to 40 cents per gallon.

Gas Buddy expert Patrick De Haan told NewsNation, “A lot of those areas are markets that exhibit what we call price cycling, a very predictable behavior of prices kind of going down and then spiking all in one day.”

De Haan also tweeted out that $5 per gallon of gasoline is in America’s near future. An estimated target date for national average to hit $5 per gallon is June 17, 2022.

Reasons why gas prices are going up range from the price of oil barrels to the war in Ukraine.

“They do expect this rollercoaster ride to continue. Now that prices have gone up well, they may start inching down. But there could be another price hike, either later this week or next week,” De Haan said.

In spite of the unknown of when and where gas relief is coming, Americans will have to continue to deal with more of their income going into their fuel tank.

“You kind of have to pick and choose … and really budget. Some people have to choose whether they’re going to feed their family or go on a trip, and I think that’s a no-brainer,” a woman told NewsNation in an interview while she pumped gas into her car.

The lowest gas prices in the U.S. are in Georgia, averaging $4.16 per gallon.

Some states in the U.S. are suspending gas taxes for some relief. These are the states that are cutting gas taxes: New Yorkers can save 16 cents a gallon, Connecticut a quarter, Georgia more than 29 cents, Maryland at 36 cents, Michigan as much as 50 cents per gallon and in October, Floridians can save up to a quarter.

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