First time in US history, a gallon of gasoline costs $5

For the first time in history, the price of a gallon of gasoline nationwide is $5 a gallon.

In some states, including California, the average is as high as $6.43, while in others, such as Alabama, the average is as low as $4.46.

The price of gas has risen by $2 a gallon since President Joe Biden took office in January 2021, and has increased by about 20 cents in the past week.

Gas Buddy, another tracker, says that the national average struck $5 on June 9.

The American Automobile Association, which tracks prices, reported that the average price was $5 on June 11.

Analysts say the surging prices stem from factors including a decline in refining capacity around the world, including in the United States, due to the COVID-19 pandemic and countries banning Russian oil amid the Russian-Ukraine war.

11 June 2022