The US average for the price of a gallon of regular gas hit $4.96 according to the most recent reading from AAA Wednesday. It marked the 12th straight day, and the 29th time in the last 30 that gas has set a record in America.
For much of the country, $5 gas is already here.
There are now 16 states plus Washington DC with averages of $5 or above. Idaho, Ohio and Pennsylvania became the latest states to cross that threshold. The highest priced state remains California, with a state average of $6.39 a gallon.
The statewide average rose by at least a penny in every state but Florida, where prices remained essentially unchanged. And as of Tuesday, 29% of the nation’s 130,000 gas stations were already selling gas for more than $5 a gallon.
The national average for gasoline could be close to $6 by later this summer according to Tom Kloza, global head of energy analysis for the OPIS, which tracks gas prices for AAA.
“Anything goes from June 20 to Labor Day,” Kloza said about the demand for gas as people hit the road for long-anticipated getaways. “Come hell or high gas prices, people are going to take vacations,”
How much are drivers willing to pay before they cut back on driving? So far the number of gallons pumped at stations in the last week of May was down only about 5% from the same week a year ago, even though gas prices rose more than 50% during the same period. The number of US trips by car has slipped about 5% since early May, according to mobility research firm Inrix, although those trips are still up about 5% since the start of the year.
The concern is that consumers will cut back on other spending to keep driving the miles they want or need to drive, which could drive an economy already showing some signs of weakness into recession.
— CNN’s Matt Egan contributed to this report