RICHMOND, Va. (WRIC) — The national average of gas prices in the United States are $5 as of Thursday, according to a recent report from ABC News.
Before the gas prices hit $5 a gallon, the average price was $4.40 in the nation. The cost of gas ranges depending on the region, with the western and northeastern parts of the country having the highest prices, and the southeastern region with the lowest, the report from ABC News read. As of June 9, Virginia’s average is $4.79.
The rise in summer travel is thought to have caused the increase in cost of gas, as more people stop to fill their tanks, experts told ABC News. This high demand for gas — combined with crude oil supply shortages happening due to Russia’s ongoing invasion of Ukraine — is causing prices to go up.
Based on research data compiled by GasBuddy, gasoline inventories have fallen by more than 25 million barrels, which equals more than one billion gallons, since the beginning of March. This decline can be attributed to the COVID-19 pandemic as well as higher demand for gas during the summer travel season.
“There is a high probability that prices could go even higher in the weeks ahead,” a petroleum analysis for GasBuddy said in the company’s report. “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.”
ABC News contributed to the reporting in this article.