For the first time, $5 has been the national average for a gallon gasoline.
According to AAA, the average price was $5.00 on Saturday. Some motorists, particularly in California, pay much more than that.
The national average price rose 19 cents in the last week and is up $1.93 compared to the same time last year.
There are many reasons why gasoline prices have risen.
Americans tend to drive more around Memorial Day. This is because demand is rising. The rise in global oil prices is compounded with sanctions against Russia, which has been a major oil producer since its war against Ukraine. Due to the pandemic, some American refineries were forced to close.
All of this adds up to a draining of money for Americans who are experiencing the highest inflation rate in years. AAA reports that California has $6.43 as the average price. Mississippi has the lowest average price at $4.52
