Gas prices jump in leaps and bounds, setting another new record

(The Center Square) – Gas prices spiked 10 cents in just two days this week, setting new records almost daily.

The national average price for a gallon of unleaded gasoline jumped five cents to $4.72 Thursday, a record high according to AAA.

That increase comes after AAA reported a nickel increase in prices the day before, which was its own record. The price of $4.62 on Memorial day was an all-time high just a few days ago.

California is the only state topping $6 per gallon, though several states are averaging more than $5 per gallon. All 50 states have an average price well over $4 per gallon.

Diesel gasoline prices are also elevated with a national average price of $5.56, just below the record high of $5.58 set last month.

As prices rise, Americans are increasingly feeling the pain at the pump. Surveys show that soaring inflation and gas prices have already pushed many Americans to cancel or change their vacation plans.

A recent poll from Echelon Insights found that “75% of parents say they are concerned about the rising cost of everyday purchases like food or gas.”

The poll also found that 51% of families said they “changed or canceled plans for a family trip” due to inflation while 41% said they have “changed or canceled activities for my children like camp or extracurricular activities.”

The recently released BMO Real Financial Progress Index, a quarterly survey from BMO and Ipsos, found that 31% of surveyed American adults are “driving less to offset the soaring cost of gas.”

“Prices across the board – from cars and gasoline to groceries and other everyday essentials – are rising at the fastest pace since the 1980s,” said Paul Dilda, head of consumer strategy for BMO Harris Bank.

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