National gas price hits $5 a gallon
A year ago, AAA reports that it cost people about $3 for a gallon of gas. That price is now up by $2.
RICHMOND, Va. (WWBT) - According to AAA the national average for a gallon of gas is now $5. Across Virginia, the price is about 16 cents lower.
The average in Richmond is just under $4.90 though plenty of stations are around the $5 mark already. A year ago, AAA reports that it cost people about $3 for a gallon of gas. That price is now up by $2.
Several key factors are contributing to the high gas prices including sanctions on Russia because of its war with Ukraine and refinery shutdowns caused by the pandemic. People are also traveling more.
“We saw the drop of the omicron cases from COVID that gave a lot of countries and a lot of economies the hope that they could push back to where they were pre-pandemic ... that created worldwide demand for crude oil,” explained Morgan Dean who works as a spokesperson for AAA.
Gas prices usually go up around Memorial Day. That’s when people start traveling for summer trips or vacations. Prices typically fall by the end of the summer. AAA said that there’s no end in sight for the rising prices.
“It’s hard to say how much higher they will go and where it could stop and what could bring it down,” Dean said.
Taking inflation into consideration, even though gas has hit $5 a gallon this is not considered the record high. In 2008 during the recession, gas reached $4.11 a gallon in July. That would be about $5.40 today.
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