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WA gas prices 2 cents from all-time record
As of Wednesday, the state average for a gallon of regular unleaded fuel reached $5.53. The current record of $5.55 was set in June 2022, a spike driven by the Russian invasion of Ukraine and subsequent surges in global crude oil prices.
SEATTLE - Motorists across Washington are bracing for a potential milestone at the pump as state gas prices sit just two cents shy of the all-time record high.
As of Wednesday, the state average for a gallon of regular unleaded fuel reached $5.53. The current record of $5.55 was set in June 2022, a spike driven by the Russian invasion of Ukraine and subsequent surges in global crude oil prices.
RELATED: How to find the cheapest gas in Seattle right now
Regional price disparities
While the state average nears record territory, many residents in metro areas are already seeing prices well above that mark. In Seattle’s Capitol Hill neighborhood, prices at several stations have already surpassed the 2022 record.
However, some relief can still be found in the outlying areas. According to data from GasBuddy, stations in Puyallup and Arlington were still reporting prices below the $5.00 mark on Wednesday morning.
Global factors driving the spike
Industry analysts point to tightening supply chains and international instability as the primary catalysts for the current trend. Specifically, experts are monitoring the Strait of Hormuz, a critical global chokepoint for oil transit.
As flow through the strait becomes restricted, market volatility increases. Some aggressive forecasts from GasBuddy suggest that if these conditions persist, prices could climb as high as $7 or $8 per gallon in the Pacific Northwest by the end of the summer.
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The Source: Information in this story came from original reporting by FOX 13 Seattle.