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Tags: 5 gas prices | inflation | biden | consumer price index 8.6 percent

$5 Gas Is Here: AAA Says Nationwide Average Hits New High

$5 Gas Is Here: AAA Says Nationwide Average Hits New High
Gas prices at a Shell Gas station after New York Gov. Kathy Hochul announced suspension of the 16-cents-per gallon gas tax from June 1 through year-end, to provide lower fuel cost for drivers, Dutchess County, NY, June 5, 2022. On June 11, the cost of gas topped $5 nationwide. (Sipa via AP)

Saturday, 11 June 2022 05:13 AM EDT

The nationwide average price for a gallon of gasoline has topped $5 for the first time ever.

Auto club AAA said the average price on Saturday was $5.00. Motorists in some parts of the country, especially California, are paying far above 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 several reasons for the surge in gasoline prices.

Americans typically drive more starting around Memorial Day, so demand is up. Global oil prices are rising, compounded by sanctions against Russia, a leading oil producer, because of its war against Ukraine. And there are limits on refining capacity in the United States because some refineries shut down during the pandemic.

Add it all up, and the cost of filling up is draining money from Americans who are facing the highest rate of inflation in 40 years.

California has the highest average price, at $6.43, according to the American Automobile Association. The lowest average is Mississippi, 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. Gas peaked at $4.11 a gallon in July 2008, which would be equal to about $5.40 a gallon today.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


StreetTalk
The nationwide average price for a gallon of gasoline has topped $5 for the first time ever. Auto club AAA said the average price on Saturday was $5.00. Motorists in some parts of the country, especially California, are paying far above that.
5 gas prices, inflation, biden, consumer price index 8.6 percent
216
2022-13-11
Saturday, 11 June 2022 05:13 AM
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