Gas prices set new record Sunday morning

Gas prices set new record Sunday morning

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

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

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

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

GAS PRICES HIT $5 NATIONWIDE FOR FIRST TIME IN OVER 2 DECADES

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

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

The cost of energy has been a major component making up the highest inflation the US has seen in 40 years.

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

‘UGLY’ INFLATION REPORT COULD PUT FED RATE HIKE OF 75-BASIS POINTS ON THE TABLE

A year later the price hit $3 and shot past $4 this March.

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

Global oil prices have been rising since December. The price of international crude has roughly doubled in that time, with the US benchmark closing Friday at more than $120 a barrel.

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Russia’s invasion of Ukraine and the resulting sanctions by the US and its allies have contributed to the rise.

The Associated Press contributed to this report.

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