NEW YORK aEUR: The national average price of a gallon gasoline has surpassed $5 for the first ever.
According to AAA, the average price was $5.00 on Saturday. Some motorists, particularly in California, pay much more than that.
The national average price rose 19 cents in the last week and is up $1.93 compared to last year.
There are many reasons why gasoline prices have risen.
Americans tend to drive more around Memorial Day. This is because demand is rising. The rise in global oil prices is compounded with sanctions against Russia, which has been a major oil producer since its war against Ukraine. Due to the pandemic, some American refineries were forced to close.
All of this adds up to a draining of money for Americans, who now face the highest inflation rate in 40 years.
According to AAA, California has $6.43 as the average price. Mississippi has the lowest average price at $4.52
Although this is the first attempt to break the $5 barrier it is still not an incredible feat when inflation is considered. In July 2008, gas reached a peak of $4.11 per gallon. This would make it about $5.40 per gallon today.
