For the last 11 days, gas prices have hit record highs, with the latest national average reaching $4.593 per gallon, in what the American Automobile Association (AAA) called an “unprecedented” period of price increases.
Currently, all 50 U.S. states are reporting gas prices over $4 a gallon, with California at the highest price per gallon in the nation at an average of $6.064, according to AAA.
The cheapest gas prices to be found are located in Kansas and Oklahoma at an average of $4.048 and $4.033 per gallon, respectively, AAA said.
The national average gas price on Thursday was $4.589 per gallon.
“Typically, this time of year we are in a little bit of a lull,” Gross told Fox News. “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.
“You have this increased demand as well as these really elevated oil prices,” he said.
Crude oil was trading at $112 a barrel as of early Friday morning, according to OilPrice.com
“The oil market is a lot like the stock market and we’ve seen the stock market all over the place,” Gross said, adding, “It’s so volatile right now and it’s very headline driven. It doesn’t take much to spook the oil market.”
However, AAA doesn’t think that the high gas prices will keep drivers off the road come Memorial weekend, as it estimates that 39.2 million Americans will travel at least 50 miles from their home over the holiday, up 8.3% from last year.
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