Gas prices hit new record high | The Hill

 

 

Gas prices hit a new record high on Sunday, climbing to a national average of $5.01 for a gallon of gas, according to AAA.

The average spiked about 16 cents from last week as summer rolled in and Americans started driving more for vacations, trips and outings.

Americans have watched prices at the pump soar since 2021 and then accelerate this year after Russia’s invasion of Ukraine.

Now, gas prices have shattered records. In California, the average for a gallon of gas climbed to $6.43 on Sunday, the highest in the country.

Even states with typically lower averages, such as Texas and Mississippi, are seeing gas prices inch past $4.50 per gallon.

The latest record comes after inflation hit a 40-year high in May, driven by increases in government spending during the pandemic, international turmoil, disrupted supply chains and increased consumer demand in a period of post-COVID-19 restrictions.

Source: Gas prices hit new record high | The Hill

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