$5 gas is here: AAA says nationwide average hits new high
NEW YORK (AP) — The nationwide average price for a gallon of gasoline in the U.S. has topped $5 for the first time ever.
Auto club AAA said the average price on Saturday was $5.
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 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 pandemic-related limits on U.S. refining capacity.