FILE – High gasoline costs are proven in Los Angeles on May 24, 2022.
Jae C. Hong/AP
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Jae C. Hong/AP
FILE – High gasoline costs are proven in Los Angeles on May 24, 2022.
Jae C. Hong/AP
NEW YORK — The nationwide average price for a gallon of gasoline has topped $5 for the first time ever.
Auto membership AAA stated the average price on Saturday was $5.00. Motorists in some elements of the nation, particularly California, are paying far above that.
The nationwide average price has jumped 19 cents in simply the previous week, and it is up $1.93 from this time final yr.
There are a number of causes for the surge in gasoline costs.
Americans usually drive extra beginning round Memorial Day, so demand is up. Global oil costs are rising, compounded by sanctions towards Russia, a number one oil producer, due to its battle towards Ukraine. And there are limits on refining capability in the United States as a result of some refineries shut down throughout the pandemic.
Add all of it up, and the price of filling up is draining cash from Americans who’re dealing with the highest fee of inflation in 40 years.
California has the highest average price, at $6.43, in accordance with AAA. The lowest average is Mississippi, at $4.52.
While that is the first time breaking the $5 barrier, it is nonetheless not a document when inflation is taken into consideration. Gas peaked at $4.11 a gallon in July 2008, which might be equal to about $5.40 a gallon immediately.
The US average gasoline price hit $5 for the first time : NPR & More Latest News Update
The US average gasoline price hit $5 for the first time : NPR & More Live News
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The US average gasoline price hit $5 for the first time : NPR & More News Today
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