US Gas Prices Surge Toward Record Territory Amid Refinery Disruptions
Gas prices are rapidly increasing across the United States, nearing record territory. The national average for regular gasoline has risen over 40 cents in a month to about $4.47 per gallon. Energy expert Ed Hirs warns that $5 gas nationwide is possible due to refinery disruptions and tight fuel supplies.
Hirs believes spot shortages could lead to prices exceeding $6 or even $7 per gallon in some areas. The all-time national record remains just above $5 a gallon, set in June 2022. Oil prices actually fell on Friday but remained above $100 a barrel.
The Trump administration has taken steps to limit fuel price increases, including the release of oil from the Strategic Petroleum Reserve and an early transition to winter-grade gasoline. However, Hirs says this has made only a 'marginal difference' in reducing prices.