Average Cost for a Gallon of Gas Hits $5 for First Time in US History

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The average price of a gallon of gas nationwide has hit $5 a gallon for the first time in history.

The average price hit $5 on June 11, according to the American Automobile Association (AAA), which tracks prices.

The average is as high as $6.43 in some states, including California, and as low as $4.46 in others, such as Alabama.

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

Either way, the price has soared since President Joe Biden took office in January of 2021, and has risen by $2 a gallon since one year ago and about 20 cents from one week ago.

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.

The Biden administrationโ€™s focus on restricting domestic production has also played a role, according to some experts.

โ€œItโ€™s been one kink after another this year, and worst of all, demand doesnโ€™t seem to be responding to the surge in gas prices, meaning there is a high probability that prices could go even higher in the weeks ahead,โ€ Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement. โ€œItโ€™s a perfect storm of factors all aligning to create a rare environment of rapid price hikes. The situation could become even worse should there be any unexpected issues at the nationโ€™s refineries or a major hurricane that impacts oil production or refineries this summer.โ€

Ronna McDaniel, the chairwoman of the Republican National Committee, noted that on the campaign trial, Biden vowed to stop drilling on federal lands and โ€œend fossil fuel.โ€ Since heโ€™s taken office, his administration has curbed oil drilling permits and promoted a fast transition to alternative forms of energy such as solar and wind.

โ€œBiden promised to eliminate oil and natural gas, now families are paying the price for his anti-American energy agenda. Bidenโ€™s solution? Force Americans to drive less or buy an expensive electric vehicle,โ€ McDaniel said in a statement. โ€œBiden is out of touch and has no real solutions, no plan, and no sympathy for struggling families.โ€

Byย Zachary Stieber

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