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National gas price average nears $5 a gallon

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Yahoo Finance's Emily McCormick details how national gas price averages edge closer to $5 per gallon and the demand's impact on energy companies and EV manufacturers.

Video Transcript

DAVE BRIGGS: The arrow is going the other way when it comes to gas prices, as today marks 10 straight days of record high gas prices and more pain at the pump for the American consumer. We are now just a nickel shy of 5 bucks a gallon on average. Emily McCormick is here with some perspective on all this and where we go from here. Emily, it is brutal.

EMILY MCCORMICK: Absolutely, Dave. Memorial Day has passed. The summer travel season is in full swing. And gas prices are at another record high. Now, according to the American Automobile Association, the national average gas price has risen to about $4.96 per gallon for regular gasoline. That's up from yesterday's average of about $4.92 per gallon. Now, a year ago, gas prices were at $3.06 per gallon for reference.

Now if we took a look at how this has translated across the country, 15 states across the US are seeing prices at the pump exceed $5 per gallon. Diesel prices have also soared. And they most recently hit about $5.72 per gallon. Now the question, of course, has been, are higher prices beginning to translate into lower demand? And early data is starting to show cracks on the demand side.

Now, Andy Lipow of Lipow Oil Associates told our own Ines Ferre that recent Energy Information Administration reports have shown gasoline demand over the last four weeks fell by 2%, compared to the same period last year. And that also includes the period when people were still not traveling as much due to COVID-19. Now, with prices continuing to set fresh highs, I do want to also take a look at how this has been impacting various stocks across the market.

Now, unsurprisingly, energy stocks are moving higher, rising gas and crude oil prices today as well ExxonMobil, Chevron all trading to the upside. But the other area of the market that I do want to highlight as also seeing some upside from this are the electric vehicle makers. Now some analysts have been speculating that the jump in gas prices could stoke more demand for cars that don't require gas. And shares of EV makers like Tesla and Rivian have each moved higher today as well, guys.

RACHELLE AKUFFO: Certainly brings tears to your eyes every time you have to fill up. Thank you. Emily McCormick there.