Gas Prices Pass $5 Average For Regular Unleaded on St. Croix For First Time, Mirroring United States

While a gallon of unleaded gas on St. Thomas has surpassed $6 a gallon at many gas stations, for the first time the average for a gallon of regular unleaded gas on St. Croix passed the $5 mark, and the high price is expected to persist through the summer. The unprecedented cost of fuel mirror's the average in the U.S., which hit the $5 average per gallon for unleaded gas on Friday. The new average comes as inflation hit a new 40-year high on Friday of 8.6 percent, according to the U.S. Labor Department, pushed higher by surging energy and food costs, with little indication that the upward pressure will ease. The surge in gas prices started in February with Russia's invasion of Ukraine and as financiers, shippers and traders started shunning Russian oil supplies. Now, with economies around the world reopening from the Covid-19 pandemic, oil inventories, already low, are under further pressure as demand grows, with little relief in sight in the near term. Gulf Fuel at Limetree Bay on ...