Gasoline prices hit new high
Gasoline prices hit a new high on Sunday, hitting a national average of $5.01 for a gallon of gas, according to AAA.
The average rose about 16 cents from last week as summer rolled around and Americans started driving more for vacations, trips and outings.
Around this time last year, the national average for a gallon of gas was $3.07, according to AAA.
Americans have seen prices at the pump soar since 2021, then accelerate this year after Russia invaded Ukraine.
Today, gasoline prices broke records. In California, the average gallon of gasoline climbed to $6.43 on Sunday, the highest in the country.
Even states with generally lower averages, such as Texas and Mississippi, are seeing gas prices rise above $4.50 a gallon.
The latest record comes after inflation hit a 40-year high in May, driven by increased government spending during the pandemic, international unrest, disrupted supply chains and rising consumer demand in a period of post-COVID-19 restrictions.
The Biden administration has borne the brunt of responsibility for much of the price hike, with President Biden’s approval rating hitting historic lows in multiple polls last week.
Biden, however, maintained that the economy could recover due to strong job growth and low unemployment rates, a claim he repeated during an interview Wednesday on ABC’s “Jimmy Kimmel Live! ”
“Inflation is the bane of our existence,” Biden said, adding “we have the fastest growing economy in the world.”