Energy

Gasoline prices top $5 a gallon nationally for the first time and are likely headed higher

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Prices at a Chevron gas station in Menlo Park, California, on Tuesday, May 24, 2022.

David Paul Morris | Bloomberg | Getty Images

The average price for a gallon of unleaded gasoline rose above $5 nationally for the first time due to increased demand from the economy reopening from the pandemic and depleted oil supplies stemming in part from the war in Ukraine.

Prices look set to continue rising into the summer months, analysts said.

According to AAA, the average national price reached $5.004 on Saturday. That’s up from about $3.07 a year ago and a record price not adjusted for inflation. At the end of the week, prices had already averaged $5 or more in about 20 states, with the highest…



Source cnbc.com

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