The US just reached an unfortunate milestone. The price of gasoline has exceeded $4/gallon in every US state for the first time in history. The overall national average at $4.523 per gallon and California at over $6.
Historic first: Gasoline $4 per gallon in EVERY US state
Record woe: The US hit an important new milestone that now affects every motorist across the US as the price per gallon of regular unleaded gasoline reached $4 or higher in all 50 states for the first time in history, CBS reports.
As of Tuesday morning, the national average price for a gallon of un-regular gasoline reached $4.523, according to AAA.
The last three holdouts – Kansas, Oklahoma, and Georgia – saw prices cross the $4 threshold overnight, according to the auto club, Bloomberg reported.
The price increase comes two weeks earlier than the traditional price increase of June 1, when the summer driving season begins.
The burden of high prices at the pump will fall most heavily on lower-income families, according to Mark Finley, a fellow at Rice University’s Baker Institute for Public Policy, in an interview earlier this month, Bloomberg reported. Cash-strapped families spend a larger portion of their earnings on fuel than do those with higher incomes.
Studies show impact of high gas prices on US households and businesses
The high price of gasoline is starting to take its toll on the US economy, affecting households and businesses, and service providers.
According to a government forecast earlier this month, the average US household will spend roughly $450 more on the inflation-adjusted basis for gasoline this year as compared to 2021.
The high price of gasoline is forcing consumers to cut back on other consumer goods and services, according to a May 13 report by J.P. Morgan.
The most expensive states for gasoline
The highest gasoline prices are in the West, followed by Alaska, Hawaii, Illinois, and New York.
California drivers are suffering the most expensive gasoline price hike at an average price of $6.021 per gallon as of Tuesday.
The states averaging over $5 per gallon:
Hawaii: $5.335
Nevada: $5.198
Washington: $5.095
Oregon: $5.064
Alaska: $5.004
States averaging $4.80 or higher:
Illinois: $4.843
Arizona: $4.813
New York: $4.805
The least expensive states for gasoline:
Here are the states paying between $4.006 to $4.130 per gallon:
Kansas: $4.006
Oklahoma: $4.011
Georgia: $4.064
Missouri: $4.074
Arkansas: $4.083
Minnesota: $4.110
Nebraska: $4.112
Iowa: $4.124
Mississippi: $4.124
Colorado: $4.127
North Dakota: $4.130
