Gas prices hit new record high on Memorial Day

PROMO 64J1 Energy - Gasoline Pump Oil - iStock - jovannig
Published Tuesday, May 31, 2022
by Dan McCaleb | The Center Square

(The Center Square) - The cost of gasoline hit a new record high on Monday as many Americans kicked off the summer season traveling over Memorial Day weekend.

The average price of a gallon of gasoline climbed to $4.62 a gallon Monday, up about a penny from Sunday and $1.58 higher than last Memorial Day, when the average cost was $3.04.

Many observers say the cost has yet to peak and expect only higher prices as summer wears on.

"The summer driving season is here! With it, the most expensive #gasprices we've ever seen on a Memorial Day: $4.60/gallon, and we'll likely make a run to $4.75/gallon in the next couple weeks barring any major change," GasBuddy's Patrick de Haan tweeted. "Est[imated] odds of reaching a national of $5/gallon this summer: 65 percent."

Earlier in May, the average cost of gas hit a new record high every day for two consecutive weeks.

The average cost of a gallon of diesel fuel was $5.52 Monday. Diesel powers the semis that truckers drive to transport food and other consumer goods across the country, contributing to 40-year-high inflation.

In seven states, all but one out west, the average price of a gallon of gasoline is at least $5 a gallon. Illinois is the non-west outlier, with the average price on Monday at $5 a gallon (rounding up from $4.996).

In California, the average price of a gallon of regular gasoline reached $6.15, highest in the U.S. may earn an affiliate commission if you purchase products or services through links in an article. Prices, when displayed, are accurate at the time of publication but may change over time. Commissions do not influence editorial independence.

The Kiowa County Press is an independent newspaper published in Eads, Kiowa County, Colorado, and to the world at