$5 a gallon for gas? Prices at the pump reach new high for nationwide average, AAA says

For the first time ever, the average gas price across the U.S. is $5 a gallon.

On Saturday, the AAA reported the $5 nationwide average – which comes amid a surge in fuel costs, with record-breaking prices over the past few months.

The national average gas price jumped 19 cents in the past week. And prices at the pump are up $1.93 from this time last year.

Saturday marked the first time the U.S. reached a $5 average for nationwide gas prices – but it’s not highest record when inflation is taken into account. In July 2008, gas prices peaked at $4.11 a gallon, which would be equal to about $5.40 a gallon today.

Still, the whopping $5 average has shaken the country and contributed to the growing cost of living crisis, as Americans face the highest rate of inflation in 40 years.

Highest rate of inflation in 40 years:New level driven by gas, grocery prices and high rent in May  

According to the AAA, the state reporting the highest gas prices on Saturday was California – with an average of $6.43 a gallon. The lowest state average is currently in Mississippi, with a price of $4.52 a gallon.

Experts note that global oil prices are rising largely because of the ongoing war in Ukraine. In the U.S., costs are also rising due to limits on refining capacity because of some shut downs during the pandemic and increased fuel demand overall – especially as many Americans traveled over Memorial Day weekend.

What’s everyone talking about?:Sign up for our trending newsletter to get the latest news of the day  

After Russia invaded Ukraine in February, the price of oil climbed in 2022’s first quarter as countries that rely heavily on Russia for energy scrambled for alternative fuel sources amid uncertainty. The benchmark for global oil prices, Brent crude, averaged at $102.23 a barrel during the first quarter – 67% higher than during the same period last year, according to the Associated Press.