National gas price average hits $3 a gallon for first time since 2014

National/World

A gasoline station attendant pumps diesel into a car at a filling station on March 23, 2010 in Berlin, Germany. (Photo Illustration by Sean Gallup/Getty Images)

(GASBUDDY) The national average price of gasoline passed the $3 per gallon
mark Wednesday, according to GasBuddy. This is a milestone not seen since David Letterman still hosted Late Night, Pharell’s hat was introduced to the world, and Kim and Kanye got hitched.

GasBuddy previously prognosticated that gas prices may escalate past the key barrier in its 2021 Fuel Outlook released in January of this year. While many Americans are pointing fingers, they should be pointing at the same factor GasBuddy mentioned months ago: COVID-19 related recovery is pushing things back to normal and leading to rising gasoline demand.

“While this is not a milestone anyone wants to celebrate, it’s a sign that things are slowly returning to normal,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In this case, rising gas prices are a sign Americans are getting back out into the world — attending baseball games, going to concerts, taking a road trip — basically staying anywhere but at home. This summer may see some blockbuster demand for fuel as well, as Americans find it very challenging to travel internationally, leading many to stay in the confines of U.S. borders, boosting some weeks to potentially record gasoline demand.”

GasBuddy expects summer gas prices not to set records, but settle down to levels more similar to 2018: the national average briefly rising above $3 gallon but eventually falling back under and remaining in the upper $2 to low $3 per gallon range. Should any major refinery issues develop in the midst of the summer travel season, gas prices could become impacted in a large way, especially if the economy continues to see solid recovery and demand for fuels increases.

Previous yearly peaks in gas prices and date:

Jan 9, 2020 = $2.60
May 5, 2019 = $2.89
May 27, 2018 = $2.97
Sept 9, 2017 = $2.66
June 12, 2016 = $2.38

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