(NewsNation) — Gas prices in the U.S. hit another all-time record Tuesday, surpassing one set in March.
“The primary driver of this is yes, the Russia-Ukraine situation,” Patrick De Haan, lead petroleum analyst at GasBuddy, said. “But to be more specific, the threat really that the EU is moving very close to sanctioning Russian oil.”
According to De Haan, what that will do is essentially create a wider imbalance between global supply and demand because many countries are now refusing to buy Russian oil.
“And that’s simply going to mean that there’s less oil available to the global market,” he said.
As the weather turns beautiful and schools are about to let out, gas prices are soaring. As a comparison, the price for a gallon of regular gas one year ago was $2.967.
Across the nation, the highest per-gallon prices are being reported in California at $5.841. Georgia is at the other end of the spectrum, reporting $3.901 per gallon, according to AAA.
Despite the big differences from coast to coast, and as millions of Americans we’ll be taking to the nation’s highways for the Memorial Day holiday in just a couple of weeks, there seems to be no relief in sight at the pump.