Average U.S. gas price hits $5 a gallon

The average price of a gallon of regular gasoline in the United States hit five dollars on Saturday, according to the American Automobile Association.

Last month, gas was $4.40 per gallon. A year ago, it was $3.08. The average price of a gallon of gas as of Saturday was over four dollars per gallon in all 50 states and the District of Columbia. In California, it was $6.43.

Georgia had the country's cheapest gas, averaging about $4.47 per gallon.

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Tom Kloza, the global head of energy analysis at Oil Price Information Service, told The New York Times that the average consumer should expect to spend around $450 a month on gasoline this summer.

Last month, JP Morgan predicted that, by summer's end, the national average gas price will have reached six dollars per gallon.

Increased fuel prices are a major driver of 20-year-high inflation. According to Labor Department figures released Friday, the Consumer Price Index up 8.6 percent since May 2021 and energy costs up 34.6 percent over the same period. High fuel prices also drive up transportation costs, forcing consumers to pay more for virtually all other goods.