Gas prices hit record high, analysts say ‘get used to it’

Gas prices hit record high, analysts say ‘get used to it’

The ongoing pain at the pump for Americans will be even more brutal on Friday – as gasoline prices hit a new all-time high.

The national average for a gallon of regular alcohol rose to $4,432, according to AAA figures.

That eclipses the previous all-time high set in mid-March when filling up tanks brought drivers nationwide an average of $4,331 a gallon.

The national average for regular gasoline was $4.418 on Thursday, the previous record high.

Friday’s new mark is about 15 cents up from a week ago and above the $3.028 average a year earlier, according to AAA data.

Costs at the pump varied widely from state to state, with the most expensive average prices being in California ($5,872) and Nevada ($5,136). The cheapest gallons were found in Georgia ($3,954) and Kansas ($3,986).

The national average for regular gasoline was $4,418 on Thursday.
The national average for regular gasoline was $4,418 on Thursday.
Getty Images

The average price for a gallon of diesel also hit a new all-time high of $5,560 on Friday. According to AAA data, that’s up from $5,019 a month ago and $3,150 a year ago.

The new high comes a day after the Biden administration canceled oil and gas sales in the Gulf of Mexico and Alaska’s Cook Inlet, in a potential hit to domestic fuel production.

The Cook Inlet lease sale will not go ahead due to a “lack of industry interest in leases in the region,” the Home Office told the Post on Thursday.

A map shows rising gas prices in the United States.
A map shows rising gas prices in the United States.
AAA

The agency also canceled two leasehold sales in the Gulf of Mexico, citing “conflicting court rulings” that affected the proposed moves.

Energy experts predict that gas prices will continue to rise and are expected to exceed $4.50 by the end of May. A Houston-based industry adviser told CNN Monday he expects it to rise another 18 to 20 cents over the next 10 days.

Another analyst, meanwhile, believes $5 gallons is “by no means outside of the realm of possibility,” USA Today reported Thursday.

The Biden administration canceled oil and gas sales in the Gulf of Mexico and Alaska's Cook Inlet yesterday.
The Biden administration canceled oil and gas sales in the Gulf of Mexico and Alaska’s Cook Inlet yesterday.
Getty Images

“We should get used to higher gas prices,” Matt Smith of data analysis firm Kpler told the newspaper. “We shouldn’t expect them to drop back to $2 a gallon. Those times seem to be over.”

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