Gas prices in the U.S. are skyrocketing. Here’s why
Global News
Here are the answers to every question you have about the surge in gas prices in the U.S.— from what is happening to what could be done
There is little evidence that gasoline prices, which hit a record $5 a gallon on Saturday, will drop anytime soon.
Rising prices at the pump are a key driver in the highest inflation that Americans have seen in 40 years.
Everyone seems to have a favorite villain for the high cost of filling up.
Some blame President Joe Biden. Others say it’s because Russian President Vladimir Putin recklessly invaded Ukraine. It’s not hard to find people, including Democrats in Congress, who accuse the oil companies of price gouging.
As with many things in life, the answer is complicated.
Gasoline prices have been surging since April 2020, when the initial shock of the pandemic drove prices under $1.80 a gallon, according to government figures. They hit $3 in May 2021 and cruised past $4 this March.
On Saturday, the nationwide average for a gallon ticked just above $5, a record, according to auto club AAA, which has tracked prices for years. The average price jumped 18 cents in the previous week, and was $1.92 higher than this time last year.
State averages ranged from $6.43 a gallon in California to $4.52 in Mississippi.
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