The national average is likely to hit $5 per gallon this week as oil prices continue to rise and and gasoline inventories remain at their lowest level this time of the year since 2014.
The national average retail price for a gallon of regular gasoline jumped 25 cents since Memorial Day weekend hitting a record $4.86 Monday, according to AAA.
However, the national average is likely to hit $5 per gallon this week as oil prices continue to rise and gasoline inventories sit at their lowest level for this time of year since 2014, Andy Lipow, president of Lipow Oil Associates, told FOX Business on Monday. Prices are already 59 cents higher compared with a month ago, and $1.81 more than a year ago, according to AAA.
"A major storm making landfall along the Gulf Coast, where 15% of the nation’s oil production and over 45% of the nation’s refinery capacity is located, can result in a significant supply disruption sending prices even higher," Lipow said.
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