Gas prices hit new record high of $4.60 – just in time for Memorial Day weekend getaway

• The average gas price have risen by more than half in the past 12 months.
• Nearly 35 million people are expected to travel by road this Memorial Day weekend.

Average gas prices in the US have hit $4.60 for the first time, adding to the cost of driving as millions prepare to travel for Memorial Day weekend.

Data from the AAA shows the average price of regular unleaded reached $4.60 a gallon on Saturday, a new record and 51% higher than the same time last year.

That will add to the cost of filling up tanks as some 35 million Americans prepare to travel more than 50 miles by road over the Memorial Day weekend, according to forecasts by the AAA.

Prices are higher still across the West Coast, with an average price of $6.109 in California and $5.224 in Washington state.

Gas prices continue to rise across the US amid shortages as global supply chains unwind and the fallout of Russia's invasion of Ukraine continues to push up the price of oil. A research note from JPMorgan suggested prices across the US could average $6 this summer.

But there is already evidence that the high cost of fuel is dampening demand, with some opting to leave the car at home or not making trips to avoid soaring costs.

Last week the House voted 217-207 in favor of a bill that would allow Federal Trade Commission to investigate companies accused of price gouging in response to record prices at the pump, though some including Larry Summers, the former Treasury Secretary, have questioned the logic of the bill.