For those Tucsonans looking to hit the road for a Memorial Day weekend trip, drivers will want to fill up locally before heading north: Gas prices are hovering around $5.20 in various parts of the Phoenix metro area.
Adjusted for inflation, Americans are still paying less than they did in July 2008. The peak then would be about $5.24 a gallon in today’s dollars. Experts say the pain at the pump is coming amid higher crude oil costs and tight gasoline supplies, in part because of the consequences of Russia’s invasion of Ukraine.
“Gasoline is $1.19 more than it was the week of Russia’s invasion of Ukraine,” said Maguire. “That sent shock waves through the oil market that have kept oil costs elevated. Domestically, meanwhile, seasonal gas demand is rising as more drivers hit the road, despite the pain they face paying at the pump.”
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