US gas prices hit higher than ever

Economy

11-06-2022, 23:19

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INA - SOURCES

The gas prices are leaping higher as for the first time ever, a gallon of regular gas now costs $5 on average nationwide.

Gas prices have been rising steadily for the last eight weeks, and this latest milestone marks the 15th straight.

The national average stood at $4.07 when the current run of price increases began April 15. The current price reading from OPIS represents 23% increase in less than two months.

The rising gasoline prices is doing more than just causing pain at the pump for drivers. They are a major factor in the prices paid by consumers for a full range of goods and services rising at the fastest pace in 40 years, according to the government's inflation report Friday.