Gas prices rising to all-time record level, inflation and demand driving increase

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Monday, May 9, 2022
Gas prices expected to keep rising
Analysts expect inflation to keep rising meaning higher gas prices this summer.

DURHAM, N.C. (WTVD) -- Pain at the pump is quietly creeping back. Gas prices are well over $4.00 a gallon and approaching a new record.

According to AAA, the national average for a gallon of regular is now $4.32. That is up 18 cents from last month and one cent below the all-time high set on March 11.

Some analysts predict an average price as high as $4.50 a gallon by summer.

The cost of diesel fuel soared to another all-time high this past weekend at $5.53 a gallon on average.

Fuel prices are being pushed higher by increasing demand and rising oil prices due to concern about less Russian oil entering the global market.

There is one bright spot ahead of a key inflation report this Wednesday.

A leading research firm said they expect inflation to peak this summer between 6-7% and to recede to 3-4% in 2023 with no recession.