Average U.S. Gas Price Hits $5 Per Gallon for First Time

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Average U.S. Gas Price Hits $5 Per Gallon for First Time
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Drivers in some parts of the country, especially California, are paying far above that.

There are several reasons for the surge in gasoline prices.are rising, compounded by sanctions against Russia, a leading oil producer, because of its war against Ukraine. And there are limits on refining capacity in the United States because some refineries shut down during the pandemic.highest rate of inflation in 40 yearsCalifornia has the highest average price, at $6.43, according to AAA. The lowest average is Mississippi, at $4.52.

While this is the first time breaking the $5 barrier, it’s still not a record when inflation is taken into account. Gas peaked at $4.11 a gallon in July 2008, which would be equal to about $5.40 a gallon today.

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