Americans Grumble As Average Gas Prices Top $5 Per Gallon
For the first time, the national average price of a gallon of gasoline has surpassed $5, the American Automotive Association (AAA) told the Associated Press (AP) late on June 11, 2022.
Photo Insert: More pain at the pump for Americans
According to AAA, the average price on Saturday was $5.00. Motorists in some parts of the country, particularly California, pay much more. The national average price has risen 19 cents in the last week and is $1.93 higher than this time last year.
The rise in gasoline prices can be attributed to a number of factors. Americans typically start driving more around Memorial Day, so demand is high. Global oil prices are rising, exacerbated by sanctions imposed on Russia, a major oil producer, as a result of its conflict with Ukraine.
Furthermore, refining capacity in the United States is constrained due to the shutdown of some refineries during the pandemic.
When you add it all up, the cost of filling up is draining money from Americans, who are experiencing the highest rate of inflation in 40 years. According to AAA, the average price in California is $6.43.
Mississippi has the lowest average, at $4.52. While this is the first time breaking the $5 barrier, it is still not a record when adjusted for inflation. Gas peaked at $4.11 per gallon in July 2008, which equates to about $5.40 today.