Overall, high gas prices have brought demand down by 5%.
Thursday’s record was 16 cents higher than the week before, nearly 50 cents higher than the month before and $1.55 more compared to the same time last year.
All 50 states had a national retail price over $4 a gallon on Thursday, according to AAA, with Oklahoma offering the cheapest gas at $4.03 a gallon and California offering the most expensive gas with an average of $6.06. Tighter supply and increased demand have pushed gas prices higher, according to the association.
"Demand is up," Gross told Fox News Digital as he explained what is contributing to the elevated prices.President Joe Biden speaks about his administration's plan to tackle record-high inflation in remarks on May 10, 2022. "Typically this time of year we are in a little bit of a lull. There is often a demand lull between spring break and Memorial Day and we had a little bit of it about two weeks ago, but then last week, … there was actually an increase, which is very unusual. I don’t think I’ve ever seen that. will allow the sale of E15 gasoline – gasoline that uses a 15% ethanol blend – across the country this summer.
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