The nationwide common worth for a gallon of gasoline reached a brand new excessive of $5 on Saturday, in accordance the American Vehicle Assn.
Motorists in some elements of the nation, particularly California, are paying far above that.
The nationwide common worth has jumped 19 cents within the final week, and it’s up $1.93 from this time final yr.
There are a number of causes for the surge in gasoline costs.
People sometimes drive extra beginning round Memorial Day, so demand is up. International oil costs are rising, compounded by sanctions in opposition to Russia, a number one oil producer, due to its battle on Ukraine. And there are limits on refining capability in america 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 People who’re going through the very best price of inflation in 40 years.
California has the very best common worth, at $6.43, in accordance with AAA. The bottom common is in Mississippi, at $4.52.
Whereas that is the primary time reaching $5, it’s nonetheless not a document when inflation is taken into consideration. Fuel peaked at $4.11 a gallon in July 2008, which might be equal to about $5.40 a gallon as we speak.
