November 29, 2022

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Gas prices hit a new record on Sunday morning

Gas prices hit a new record on Sunday morning

The price of a gallon of regular gasoline hit a historic milestone over the weekend and continues to rise.

The price rose Sunday morning to $5.01, according to AAA.

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Gas hit $5 on Saturday morning for the first time ever as part of a record-breaking process.

The average price jumped 18 cents in the previous week, and was $1.92 higher than this time last year.

Gas prices hit $5 nationally for the first time in more than two decades

There is little evidence that the price will drop anytime soon.

Gas pump filling nozzles. Fuel at the gas station close up (iStock / iStock)

Energy cost has been a major component of The highest inflation rate in the United States Saw 40 years ago.

It may be hard to remember, but in April 2020, gas prices fell to $1.80 per gallon, driven down by corona virus pandemic, According to government figures.

‘Ugly’ inflation report could raise the core rate by 75 basis points on the table

A year later, the price reached $3 and surpassed $4 in March.

State averages ranged from $6.43 a gallon in California to $4.52 in Mississippi.

World oil prices were High since December. The price of international crude has nearly doubled in that time, with the US benchmark closing Friday at more than $120 a barrel.

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The Russian invasion of Ukraine and the resulting sanctions by the United States and its allies contributed to the rise.

The Associated Press contributed to this report.