NEW YORK (AP) — The nationwide average price for a gallon of gasoline has topped $5 for the first time ever.
AAA reported that the average cost of Saturday’s gasoline was $5.00. Some motorists, particularly in California, pay much more than that.
The national average price has jumped 19 cents in just the past week, and it’s up $1.93 from this time last year.
There are many reasons why gasoline prices have risen.
Americans tend to drive more around Memorial Day. This is because demand is rising. Due to sanctions against Russia’s war on Ukraine, global oil prices have risen. There are also limits to refining capacities in America due to some of the refineries that were shut down during the Pandemic.
All of this adds up to a drain on American’s money. They are currently facing the greatest rate of inflation for 40 years.
AAA reports that California is the state with the highest median price at $6.43. Mississippi has the lowest average price at $4.52
While this is the first time breaking the $5 barrier, it’s still not a record when inflation is taken into account. The gas price peaked in July 2008 at $4.11 per g, or about $5.40 per gallon today.
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