CLEVELAND — Editor's note: Video in the player at the top of this story was originally published in a previous gas prices story on May 9.
We’ve reached a new level.
Gas prices have now broken the record for highest all-time average nationwide.
The new record was broken Tuesday morning, according to GasBuddy, with the national average now listed at $4.36 per gallon. The previous record of $4.35 was set back on March 10.
Diesel fuel is also now at a new all-time record high of $5.53 per gallon.
GasBuddy predicts prices could continue to climb through Memorial Day “as summer road trip season begins and oil prices remain volatile.”
“Liquid fuels have turned into liquid gold, with prices for gasoline and diesel spiraling out of control with little power to harness them as the imbalance between supply and demand globally continues to widen with each passing day,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “Russia’s oil increasingly remains out of the market, crimping supply while demand rebounds ahead of the summer driving season. There’s little, if any, good news about fuel prices heading into summer, and the problem could become worse should we see an above average hurricane season, which could knock out refinery capacity at a time we badly need it as refined product inventories continue to plummet.”
GasBuddy also notes that the national average rose by more than 15 cents per gallon within the last seven days.
“Fuel prices in the U.S. decreased slightly after spiking in March, as the situation between Russia and Ukraine continued, but simmered,” according to a press release from GasBuddy. “Prices began to rise again over the last few weeks as the odds of the European Union sanctioning Russian oil increased.”
Here in Northeast Ohio, average gas prices were reported higher than $4 per gallon in both Cleveland and Akron early Monday at $4.10 and $4.04 respectively.
Editor's note: Video in the player above was originally published in an unrelated story on May 5, 2022.