News US Economy News Up Again? Gas Prices Rise at Fastest Pace in Months Off the Charts: The Visual Says It All By Terry Lane Terry Lane Terry has 25 years experience in journalism and communications, reporting on a range of topics that include personal finance, telecommunications, Congress, government regulations, and criminal justice. He has also worked on technology, energy, and environmental policy issues as a congressional press secretary and owned and published a local community newspaper in North Carolina. learn about our editorial policies Updated on June 8, 2022 Fact checked by Glenn Hunter Sponsored by What's this? & Photo: moodboard/Getty Images Gas prices are rising faster than they have in months, and there’s no relief in sight for weary drivers. The average price for a gallon of unleaded gas in the U.S. reached yet another record high on Tuesday—$4.92—after shooting up nearly 30 cents in one week. As the chart below shows, that’s the biggest jump for any 7-day period since mid-March, when Russia’s invasion of Ukraine first pushed prices to a new record high. Experts don’t see things easing anytime soon. Patrick De Haan, head of petroleum analysis for GasBuddy, is now predicting that prices will hit the “psychologically critical” $5 mark this week rather than next. Last month, JPMorgan Chase predicted $6.20 by August. What’s causing the steep climb? It’s a mix of high prices for the crude oil that gas is made from, supply shortages, a lack of production capacity, and increasing summer demand. The prospect of more sanctions against Russian oil has helped keep oil prices above $110 a barrel, well over $20 more than what they were before the war broke out. Meanwhile, analysts say U.S. refinery capacity to process oil into gasoline still lags what it was before the pandemic. Note If you can’t avoid driving, there are still things you can do. Aim to go to the gas pump at the start or end of the week, according to GasBuddy, which studied several years’ worth of data to conclude that Monday and Friday were the best days for a fill-up. Sunday and Tuesday, when prices aren’t quite as advantageous, serve as good “top-off” days, the February study found, while Wednesday, Thursday, and Saturday are the worst days to buy gas. Have a question, comment, or story to share? You can reach Terry at tlane@thebalance.com. Want to read more content like this? Sign up for The Balance’s newsletter for daily insights, analysis, and financial tips, all delivered straight to your inbox every morning! Was this page helpful? Thanks for your feedback! Tell us why! Other Submit Sources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. AAA, Gas Prices Twitter. "@GasBuddyGuy, 12:22 PM June 6, 2022