• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Contact Us
  • About Towleroad
  • Towleroad on Social Media
  • Privacy Policy

Towleroad Gay News

Gay Blog Towleroad: More than gay news | gay men

  • Travel
  • Sports
  • Law/Justice
  • Celebrities
  • Republicans
  • Madonna
  • Books
  • Men
  • Trans Rights
  • Royals
  • Monkeypox
  • Sophia Bush’s girlfriend ‘proud’ the actress has opened up about coming out as queer
  • Mel B declares she’ll ‘always be open’ when it comes to her sexuality!
  • Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

U.S. gasoline average price tops $5 per gallon in historic first

Towleroad June 11, 2022 Leave a Comment

Published by
Reuters

By Laura Sanicola

(Reuters) -The national average price for U.S. gasoline rose above $5 a gallon for the first time on Saturday, according to data from the AAA, extending a surge in fuel costs that are a central feature of rising inflation overall.

The national average price for regular unleaded gas rose to $5.004 a gallon on June 11 from $4.986 a day earlier, AAA data showed.

Gasoline prices have been a headache for President Joe Biden and congressional Democrats as they struggle to maintain their slim control of Congress with midterm elections coming up in November.

Biden has pulled on numerous levers to try to lower prices, including a record release of barrels from U.S. strategic reserves, waivers on rules for producing summer gasoline, and leaning on major OPEC countries to boost output.

Yet fuel prices have been surging around the world due to a combination of rebounding demand, sanctions on oil producer Russia after its invasion of Ukraine, and a squeeze on refining capacity.

U.S. road travel, however, has remained relatively strong, just a couple of percentage points below pre-pandemic levels, even as prices have risen.

Still, economists expect demand may start to decline if prices remain above $5 a barrel for a sustained period.

“The $5 level is where we could see very heavy amounts of gasoline demand destruction,” said Reid L'Anson, senior economist at Kpler.

Adjusting for inflation, the U.S. gasoline average is still approximately 8% below June 2008 highs around $5.41 a gallon, according to U.S. Energy Department figures.

Consumer spending has so far remained resilient even with inflation running at its highest level in more than four decades, with household balance sheets shored up by pandemic relief programs and a tight job market that has fueled strong wage gains, especially for lower-income workers.

Gasoline product supplied, a proxy for demand, was 9.2 million barrels per day last week, according to the U.S. Energy Information Administration, broadly in line with five-year seasonal averages.

The high prices for drivers come as major oil-and-gas companies post bumper profits. Shell reported a record quarter in May and Chevron Corp and BP have posted their best numbers in a decade.

Other majors, including Exxon Mobil and TotalEnergies, as well as U.S. independent shale operators, reported strong figures that have spurred share repurchases and dividend investments.

Numerous companies have said they will avoid excessive investment to boost output due to investors' desires to hold the line on spending, rather than respond to $100-plus barrel prices that have persisted for months.

(Reporting by Laura Sanicola and Shivani Tanna; editing by David Clarke and Jason Neely)

Topics: Aaon, Business, Travel, World More Posts About: Demand destruction, Energy Information Administration, Joe Biden, OPEC, Reuters

Related Posts
  • US restores handful of wildlife protections axed by Trump
  • Funding bill bars US embassies from flying LGBTQ Pride flags
  • In a month, Trump faces first election contest since leaving office
  • Mel B declares she’ll ‘always be open’ when it comes to her sexuality!

    Mel B declares she’ll ‘always be open’ when it comes to her sexuality!

    Published by BANG Showbiz English Mel B will “always be open” when it comes to her sexuality. The Spice Girls singer, 48, who reunited with her bandmates including the group's ex-singer Victoria Beckham for the fashion …Read More »
  • Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

    Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

    Published by BANG Showbiz English Megan Thee Stallion is being sued for allegedly creating a hostile work environment and forcing her cameraman to watch her having lesbian sex. The 29-year-old ‘Savage' rapper faces the salacious claims …Read More »
  • Mean Girls star Jonathan Bennett recalls the moment his life ‘changed forever’

    Mean Girls star Jonathan Bennett recalls the moment his life ‘changed forever’

    Published by BANG Showbiz English Jonathan Bennett's life was “changed forever” by his role in ‘Mean Girls'. The 42-year-old actor starred as heartthrob Aaron Samuels in the 2004 cult classic – which followed Lindsay Lohan, Rachel …Read More »
  • Sir Elton John sent Lance Bass gift basket to celebrate coming out

    Sir Elton John sent Lance Bass gift basket to celebrate coming out

    Published by BANG Showbiz English Sir Elton John sent Lance Bass a gift basket after he came out as gay. The 44-year-old NSYNC star revealed the legendary singer showed his support when Lance decided to reveal …Read More »
Previous Post: « Thousands to rally against gun violence in Washington, across U.S.
Next Post: Tom Cruise and Val Kilmer’s ’emotional’ reunion »

Primary Sidebar

Most Recent

  • Sophia Bush’s girlfriend ‘proud’ the actress has opened up about coming out as queer

    Sophia Bush’s girlfriend ‘proud’ the actress has opened up about coming out as queer

  • Mel B declares she’ll ‘always be open’ when it comes to her sexuality!

    Mel B declares she’ll ‘always be open’ when it comes to her sexuality!

  • Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

    Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

  • Mean Girls star Jonathan Bennett recalls the moment his life ‘changed forever’

    Mean Girls star Jonathan Bennett recalls the moment his life ‘changed forever’

  • Sir Elton John sent Lance Bass gift basket to celebrate coming out

    Sir Elton John sent Lance Bass gift basket to celebrate coming out

  • Relationship status influences heterosexual women’s sexual prejudice towards lesbians

    Relationship status influences heterosexual women’s sexual prejudice towards lesbians

  • JoJo Siwa had a challenge transitioning to new grown-up image

    JoJo Siwa had a challenge transitioning to new grown-up image

  • Liz Hurley defends lesbian sex scene in new movie that was directed by her son

    Liz Hurley defends lesbian sex scene in new movie that was directed by her son

Partner Links

  • Jake Tapper Suffers Self-Inflicted Injury As Ratings Take A Beating
    CNN host Jake Tapper had his lowest-rated month in nearly a […]
  • Benito Skinner tells Kelly Clarkson that he loves your DMs about ‘Overcompensating’
    Benito Skinner’s new Prime Video coming-of-age series “Overcompensating” draws on his […]
  • What Is Howard Lutnick Smoking?
    Trump's gaslighting Commerce Secretary Howard Lutnick was at it again, this […]
  • How Marco Rubio Went Total MAGA Trump Chode
    It has been something to watch the complete downfall of Secretary […]
  • The Onion: Pete Hegseth Bans Men With Girl Names From Combat
    Here's another relevant and not far from the truth video from […]

Most Commented

Social

Twitter @tlrd | Facebook | Instagram @tlrd

About

  • Advertise
  • Contact Us
  • About Towleroad
  • Towleroad on Social Media
  • Privacy Policy
[towleroadmr] [towleroadtn]

Footer

Ptown Hacks 2018

Read

  • Travel
  • Film
  • Law – LGBT Rights
  • Columns
  • Specials

About

  • Advertise
  • Contact Us
  • About Towleroad
  • Towleroad on Social Media
  • Privacy Policy

Copyright © 2025 · Log in

×
×