New York (CNN) – The increase in gasoline prices is going from bad to worse in the United States.
The national average rose to $4.87 a gallon on Monday, according to AAA. This represents an increase of 0.25 USD in the last week and 0.59 USD in the last month.
There are currently 10 states where the average gas price is $5 a gallon or more, the most recent being Michigan and Indiana. Prices in Washington, D.C. are also over $5.
New Jersey, Pennsylvania and Massachusetts are just a few pennies away. Georgia is the only state with an average of less than $4.30 per gallon.
Unfortunately, prices can continue to rise. Veteran oil analyst Andy Lebow told CNN he expects the national average to hit $5.05 a gallon in the next 10 days.
Oil, the largest component of gasoline prices, continues to rise even after OPEC+ announced plans to increase production late last week.
Gasoline prices have hit record highs for a number of factors, including strong energy demand, as people drive and fly more.
On the other hand, the show failed to keep pace with the growth. The US is pumping less oil than it was before the Covid-19 pandemic started, and the market is signaling that the OPEC+ increase is late and insufficient. On Monday morning, US crude hit a three-month high of $120.99 a barrel before pulling back.
Manuel Santana, a Bronx resident who works as a paramedic, said a few months ago that filling his fuel tank cost him $40 a few months ago. Now, it costs about $60.
“It’s frustrating. Honestly, there’s not much you can do about it,” Santana said, standing at a gas station in Manhattan, where a gallon of regular gas is now six dollars.
Uber driver Abdullah Al-Waymeen said his gas bills have jumped from $150 a week to $250, and he fears it will go up even more.
Mark Zandi, chief economist at Moody’s Analytics, told CNN in a phone interview that he feels more optimistic about the US economy’s ability to control inflation without causing a recession.
Zandi said the only recovery in oil prices would be more.
“If the price of oil gets to $150, we will go into a recession. There is no escaping it,” Zandi said.