The national average for regular gasoline topped $5 a gallon for the first time, according to AAA.
The national averaged breached $5 a gallon Saturday and rose to $5.01 a gallon Monday, AAA reported.
“Based on the demand we are seeing, it seems high prices have not really deterred drivers,” said Andrew Gross, AAA spokesperson. “If prices stay at or above $5, we may see people start to change their daily driving habits or lifestyle, but it has not happened yet.”
The national average price rose 20 cents a gallon in the past week and is up $1.93 from the same week in 2021, AAA said.
Adjusting for inflation, the 2008 national average peak of $4.11 a gallon would be equal to $5.40 a gallon today, the highest inflation-adjusted mark, according to AAA.
Among the factors driving prices higher are higher crude oil prices, which have climbed above $120 a barrel, increasing consumer demand as the summer driving season began and aftereffects from the war in Ukraine and Russian sanctions.
“The $5 level is where we could see very heavy amounts of gasoline demand destruction,” said Reid L’Anson, a senior economist at Kpler, a commodities research and data firm.
