Gasoline prices top $5 nationwide – Chicago Tribune

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

The AAA automobile club said the average price on Saturday was $5.00. Motorists in some parts of the country, particularly California, pay far more than that.

The national average price jumped 19 cents over the past week, and it was up $1.93 from the same time last year.

There are several reasons for the spike in gasoline prices.

Americans generally drive more starting on Memorial Day, so demand is up. World oil prices are rising, made worse by sanctions against Russia, a major oil producer, over its war on Ukraine. And there are limits to refining capacity in the United States as some refineries have closed during the pandemic.

Add it all up and the cost of refueling 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 AAA. The lowest average is Mississippi, at $4.52.

Although this is the first time that we have crossed the 5 dollar mark, it is still not a record if we take inflation into account. Gas peaked at $4.11 a gallon in July 2008, which would equate to about $5.40 a gallon today.

#Gasoline #prices #top #nationwide #Chicago #Tribune

Post expires at 4:24pm on Saturday June 25th, 2022

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