US May Set All Time Gas Price Record This Week

The United States is likely to set a new all time record for highest per gallon average gas price as soon as this week, according to Gas Buddy.com. The previous record of $4.11 per gallon was set in July of 2008 according to USA Today. 

The current national average gas price is $4.065 per gallon.

According to Gas Buddy's Patrick De Haan, the price of gasoline is expected to remain above $4/gallon through November. According to De Haan's analysis, gas will average $4.11 in April, peak at $4.25 in May and finally go down to $3.94 in November.

American households spent an average of $1,580 annually on gasoline in 2016 and $1,977 in 2021. That number is expected to climb to $2,745 in 2022.

Gas Buddy is predicting a peak daily average price of gas in Minneapolis of $3.75-$4.15 in 2022, while San Francisco is forecasted to see a peak of $5.25-$5.65.

Minnesota is currently on the lower side of gas prices by state in the US, averaging $3.71/gallon according to AAA which is 13th-lowest in the country. The cheapest gas is found in Missouri at an average of $3.627 per gallon, while California is averaging the highest price at $5.343 per gallon.

Worldwide the United States is middle-of-the-pack at $3.953 per gallon. Venezuela has the cheapest gas at .095 per gallon, while Hong Kong checks in with the most expensive at $10.435 per gallon, per globalpetrolprices.com.