Average US gas price rises, surpasses $5 milestone

Your Money

Gas prices are displayed on a gas pump at an Exxon gas station in Washington, DC, on May 24, 2022. (Photo by Stefani Reynolds / AFP) (Photo by STEFANI REYNOLDS/AFP via Getty Images)

(NewsNation) — One day after the national average for a gallon of gasoline topped $5 for the first time, the price continues to rise.

On Sunday, AAA and GasBuddy reported a national average of $5.01.

This milestone comes after months of gas price increases across the country, accelerated by the rise in seasonal demand amid supply constraints, according to GasBuddy. And gas prices don’t appear to be leveling off anytime soon. 

The U.S. has been steadily setting records for gas prices since March, when the national average price of regular gas broke $4 for the first time since 2008.

And $5 at the pump is just the national average — some states are already paying well above that to fuel up. 

Nationwide, the highest average price for regular-grade gas is in the San Francisco Bay Area, at $6.55 per gallon. The lowest average is in Baton Rouge, Louisiana, at $4.43 per gallon.

Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the price jump comes amid higher crude oil costs and tight gasoline supplies.

According to the survey, the average price at the pump is $1.97 higher than it was one year ago.

The Associated Press contributed to this report.

© 1998 - 2023 Nexstar Media Inc. | All Rights Reserved.

Trending on NewsNation