U.S. Gas Prices Could Double Amid Supply Shortage; California Gas Prices Top $6 per Gallon
U.S. gas prices could potentially exceed $10 per gallon, and gas stations across the country are preparing for the gas price surge.
However, Newsmax reported that there might be no product left to sell for other stations at the pumps.
Reports noted that the current shortage is on regular unleaded and premium gasoline while diesel supply is also seeing a short supply.
Some of the states that offer the cheapest gas prices right now are Kansas, with an average gas price of $4.
Kansas is followed by Oklahoma, with $4.01; Georgia with $4.06; Missouri with $4.07; and Arkansas with $4.08.
Meanwhile, six states have average gas prices of $5.04 or higher, which are Oregon, Alaska, Washington, Nevada, Hawaii, and California.
Experts believe that the current U.S. gas price average could eventually be surpassed and the high cost of gas will remain.
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U.S. Gas Prices
Leo Waldenback, the co-founder of the online driver's education program Zutobi, said in a the USA Today News report that people have to accept that the gas prices are probably going to be high for a long time.
Waldenback added that it is an "extremely unique situation."
Matt Smith, an analyst with data analytics from Kpler, said that gas prices will remain high as long as oil remains in the triple digits.
AAA noted that another factor for surging gas prices is traveling being heightened when demand for gas is higher.
AAA spokesperson Andrew Gross said that the annual seasonal demand dip between spring break and Memorial Day is having no effect.
Patrick De Haan, head of petroleum analysis at GasBuddy, said that demand and available inventory of gas will dictate future prices.
Waldenback said that the drop in gas prices depends on how quickly the industry is able to increase gas production and oil in other places.
California Gas Prices
Meanwhile, California continues to offer the most expensive gas in the country.
The average gas price in California reached a record $6.021 per gallon on Tuesday, according to a CNBC News report.
Prices are up 31 cents per gallon over the last month, and $1.89 higher than a year ago.
Gross said that the high cost of oil is driving the prices up for consumers. Oil is the key ingredient in gasoline.
Retail diesel prices are also skyrocketing with the national average hitting a record $5.573 per gallon on Tuesday.
Prices over the last year are up to $2.40.
In March, CNN reported that California gas prices continue to go up instead of the national average for gas price decreasing.
The main reason for the price disparity was the seven major wholesale gasoline markets in the U.S., of which two are in California.
It suggested that gas price in the west of the Rocky Mountains prices continue to climb up or at best hold steady.
In addition, the price surge also contributed to an outage at a major refinery in Torrance, California in March, which made the tight market for gasoline even tighter.
Read also: Gas Prices in California: How Much Will You Be Paying for Gas in California Amid Price Hikes?
This article is owned by Latin Post.
Written by: Mary Webber
WATCH: Gas prices reach record high as U.S. faces diesel shortage - from CBS News
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