Oil and gasoline are already “at crazy levels”, says Stephen Schork, Schork Group director, and warns that prices will only continue to rise as travel demand increases during the summer.
average price of a gallon gasoline In the US the brakes were put on a record line over the weekend.
The price fell nearly half a cent to $4,325 on Sunday.
Gas hit a record Friday at $4.33 a gallon, according to AAA.
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Motorists in the United States They were reeling gas prices Even before the national average surpassed record levels last week.
However, two-thirds of Americans said gas prices were already too expensive even when the national average was $3.53 a gallon a few weeks ago, according to an AAA survey.
According to the data, more than half of motorists, 59%, admitted that if prices hit $4 a gallon, they would make changes to their driving habits or lifestyle.
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The national average has continued to rise since the start of the year due to supply fatigue and increased demand, according to Edmunds. However, the Russian invasion of Ukraine two weeks ago sent oil prices soaring, pushing prices at the pump to levels not seen in more than a decade.
FOX Business’s Daniela Genovese contributed to this report.
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