The United States is expected to set a new all-time record for the highest average gas price per gallon as early as this week, according to Gas Buddy.com. The previous record of $4.11 per gallon was set in July 2008 according to USA Today.
The current national average gas price is $4.065 per gallon.
According to Patrick De Haan of Gas Buddy, gasoline prices are expected to stay above $4 a gallon through November. According to De Haan’s analysis, gasoline will average $4.11 in April, peak at $4.25 in May and eventually drop to $3.94 in November.
American households spent an average of $1,580 per year on gasoline in 2016 and $1,977 in 2021. This figure is expected to rise to $2,745 in 2022.
Gas Buddy predicts a daily average gas price in Minneapolis to peak at $3.75 to $4.15 in 2022, while San Francisco is expected to peak at $5.25 to $5.65.
Minnesota is currently at the bottom end of statewide gasoline prices in the United States, averaging $3.71/gallon according to AAA, which is the 13th lowest in the nation. The cheapest gas is found in Missouri at an average of $3.627 per gallon, while California averages the highest price at $5.343 per gallon.
Worldwide, the United States is in the middle of the pack at $3.953 per gallon. Venezuela has the cheapest gas at $0.095 a gallon, while Hong Kong registers the most expensive at $10.435 a gallon, according to globalpetrolprices.com.