Gasoline prices hit $3 as shortages grow on U.S. pipeline outage By Joe Carroll and Jennifer Kay on 5/12/2021 (Bloomberg) â U.S. average gasoline prices exceeded $3 a gallon for the first time in more than six years amid growing shortages of fuel across the South and East while Colonial Pipeline remains out of action due to a cyberattack. The national average retail price rose to $3.008, according to data from auto club AAA on Wednesday. The premium for wholesale gasoline in the New York area reached its widest in three months. The gains may add to broader inflationary pressures as commodity prices from timber to copper also surge.