The national average price of gas in the U.S. soared to a new record-high on Thursday, surpassing $5 per gallon for the first time ever, according to data from GasBuddy.
The grim milestone comes just two months after the national average price of gas surpassed $4 per-gallon for the first time since 2008. Days later, on March 7, the national average broke the previous all-time record when it hit $4.10 per gallon, according to GasBuddy.
Prices have risen 66 cents per gallon over the past month, the organization reported.
The average price of a gallon of gas is above $4.40 in all 50 states, according to AAA data. Drivers in California are arguably feeling the most pain at the pump, with an average cost of $6.40 per gallon.
GasBuddy said several factors have impacted the skyrocketing price of gas: a global decline in refining capacity due to the pandemic, accelerated demand ahead of the summer season, and the war in the Ukraine.
“It’s been one kink after another this year, and worst of all, demand doesn’t seem to be responding to the surge in gas prices, meaning there is a high probability that prices could go even higher in the weeks ahead,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement. “It’s a perfect storm of factors all aligning to create a rare environment of rapid price hikes. The situation could become even worse should there be any unexpected issues at the nation’s refineries or a major hurricane that impacts oil production or refineries this summer.”