The average price for a gallon of unleaded gasoline rose above $5 nationally for the first time, and prices look set to continue to rise into the summer months.
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However, if there are any serious refinery outages this summer, or disruptions from hurricanes, gasoline prices could spike, he added. Gasoline is in shorter supply than normal because the U.S. has lost about 1 million barrels a day of refining capacity, since before the pandemic. At the same time, sanctions on Russian energy has sent oil prices sharply higher and created tight supplies of both oil and fuel globally.
Analysts say while consumers are feeling pain at the pump, the price of fueling a car with gasoline is not as big a part of a household's spending as it had been in the past. That is in part due to more efficient vehicles. According to a CNBC analysis, drivers were spending an estimated average 20 cents per mile on gasoline as of June this year, even with the steep price increases. In 1980, that same mile would have cost 30 cents in today's dollars.
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