Nashville-Davidson, Tennessee 2022-06-11 08:35:49 –
New York (AP) — The national average price of 1 gallon of gasoline has exceeded $ 5 for the first time.
According to AutoClub AAA, the average price on Saturday was $ 5. Drivers in some parts of the country, especially California, far outperform it.
The national average price rose 19 cents last week, up $ 1.93 from this time last year.
There are several reasons for soaring gasoline prices.
Demand is rising because Americans usually drive more before and after Memorial Day. World oil prices are rising and sanctions have been added to Russia, a major oil producer, due to the war with Ukraine. In addition, some refineries were closed during the pandemic, limiting refining capacity in the United States.
All in all, the cost of filling is wasting money from Americans facing the highest inflation rates in 40 years.
According to AAA, the average price in California is the highest at $ 6.43. The lowest average is Mississippi, which is $ 4.52.
This is the first time it has broken the $ 5 barrier, but given inflation, it’s not yet a record. Gas peaked at $ 4.11 a gallon in July 2008. That’s about $ 5.40 a gallon today.
AAA says nationwide average hits new high Source link AAA says nationwide average hits new high