NEW YORK — Gas prices nationwide are soaring to record highs against following the Memorial Day weekend.
AAA says the average price of a gallon of regular is $4.82.
In New Jersey, the price is even higher at $4.92 a gallon. Drivers in New York are paying $4.85 a gallon, and in Connecticut, a gallon of regular costs about $4.84.
Analysts say don’t expect it to get better any time soon as demand for oil is outpacing supply.
U.S. and OPEC oil production is increasing, but it’s still below pre-pandemic levels, and the war in Ukraine means millions of barrels a day of Russian oil will stay off the market.
“The longer Russia’s 10 million barrels remain off the global market by sanctions, the worse it could potentially get this summer,” one expert said.
Historically, gas prices drop in the fall following the summer driving season.