Gas Prices: National Average Tops $5 a Gallon for First Time
The nationwide average price for a gallon of gasoline has topped $5 for the first time ever.
Auto club AAA said the average price on Saturday was $5.00. Motorists in some parts of the country, especially California, are paying far above that.
California has the highest average price, at $6.43, according to AAA. The lowest average is Mississippi, at $4.52.
In Alabama, Saturday’s average price was $4.62, according to AAA. Alabama prices range from a low of $4.53 in DeKalb County in northeast Alabama to $4.87 in Perry and Wilcox counties, west of Montgomery.
The national average price has jumped 19 cents in just the past week, and it’s up $1.93 from this time last year.
There are several reasons for the surge in gasoline prices.
Americans typically drive more starting around Memorial Day, so demand is up. Global oil 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.
Add it all up, and the cost of filling up is draining money from Americans who are facing the highest rate of inflation in 40 years.
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.
(Copyright 2022 The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)