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Business

Gasoline prices set a new record Sunday morning




The price of a gallon of regular gasoline reached a historic milestone this weekend and continues to rise.

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

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Gas reached the $ 5 mark Saturday morning for the first time ever as part of a record run.

The average price jumped 1[ads1]8 cents last week and was $ 1.92 higher than this time last year.

GAS PRICES HAVE 5 USD IN THE COUNTRY FOR THE FIRST TIME IN OVER 2 TIER

There is very little indication that the price will fall anytime soon.

Gasoline prices set a new record Sunday morning

Filling nozzles for petrol pump. Fuel at gas station close by (iStock / iStock)

Energy costs have been an important component, representing the highest inflation the United States has seen in 40 years.

It may be hard to remember, but in April 2020, gas prices fell to $ 1.80 per gallon, pushed down by the coronavirus pandemic, according to government figures.

‘UGLY’ INFLATION REPORT COULD PUT FED INTEREST RATE WITH 75 BASIC POINTS ON THE TABLE

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

The state average has ranged from $ 6.43 per gallon in California to $ 4.52 in Mississippi.

The global oil price has risen since December. The price of international crude oil has roughly doubled during that time, with the US benchmark index ending Friday at more than $ 120 per barrel.

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Russia’s invasion of Ukraine and the resulting sanctions from the United States and its allies have contributed to the increase.

The Associated Press contributed to this report.



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