Gas average hits $5 per gallon; GasBuddy says it could go higher

GREENVILLE, S.C. (FOX Carolina) - For the first time ever, the national average for gas prices hit $5 per gallon on Thursday, and according to GasBuddy, the worst may not be over.

Due to multiple factors including supply issues from the COVID-19 pandemic and high oil prices amidst the Russian war with Ukraine, gas has continued to shatter historic highs.

“It’s been one kink after another this year, and worst of all, demand doesn’t seem to be responding to the surge in gas prices, meaning there is a high probability that prices could go even higher in the weeks ahead,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “It’s a perfect storm of factors all aligning to create a rare environment of rapid price hikes. The situation could become even worse should there be any unexpected issues at the nation’s refineries or a major hurricane that impacts oil production or refineries this summer.”

You can find the lowest gas prices reported in our area here on the FOX Carolina website or in our free FOX Carolina News mobile app.