US Gas Price Surge To A New Record: Hits The $5 Mark On Sunday Morning
June 12, 2022
The price of a gallon of regular gasoline hit a historic milestone over the weekend and continues to move higher. The price on Sunday morning rose to $5.01, according to AAA.
Gas hit the $5 mark on Saturday morning for the first time ever as part of a record setting run.
The average price jumped 18 cents in the previous week, and was $1.92 higher than this time last year.
There is very little evidence that the price will drop anytime soon.
The cost of energy has been a major component making up the highest inflation the U.S. has seen in 40 years.
It may be hard to remember, but in April 2020 prices for gas fell to $1.80 per gallon, pushed lower by the coronavirus pandemic, according to government figures.
A year later the price hit $3 and shot past $4 this March.
State averages have ranged from $6.43 a gallon in California to $4.52 in Mississippi.
Global oil prices have been rising since December. The price of international crude has roughly doubled in that time, with the U.S. benchmark closing Friday at more than $120 a barrel. Russia's invasion of Ukraine and the resulting sanctions by the U.S. and its allies have contributed to the rise.
