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US gas prices pass $5 a gallon

The average price of regular-grade gasoline has crossed the $5 threshold for the first time ever after spiking 30 cents over the past three weeks to $5.01 per gallon, according to AAA.

Monday marks the 16th consecutive day that fuel prices reached a national record.

While gas prices usually tick up during the period just after Memorial Day,

this year’s surge is particularly painful to American consumers as surging demand, low inventory, and Russia’s invasion of Ukraine have created a perfect storm.

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

Just a month ago, gas was 61 cents cheaper on the average, according to AAA. Last year at this time, gas cost $3.08 per gallon on average.

The Biden administration has been caught so off guard by the surge in gas prices.

Last year, the Department of Energy released a short-term outlook which predicted that a gallon of gas would cost on average $2.88, according to Townhall.

The previous high was set more than a decade ago. In July 2008, the national average of gasoline was $4.11 per gallon

or around $5.37 in today’s dollars. At the time, oil was trading at more than $133 a barrel.

or around $5.37 in today’s dollars. At the time, oil was trading at more than $133 a barrel.

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