Amid a historic run-up in fuel costs, the price of gasoline crossed into $5 territory for the first time this weekend.
As the chart below shows, the national average for a gallon of unleaded has more than doubled in the last year and a half and jumped almost $1 in just the past two months, reaching $5.01 on Monday, according to data from AAA.
What is causing the spike? A confluence of factors. Concerns about having enough oil globally has kept the price of crude oil high for months, first because Russia’s invasion of Ukraine triggered sanctions against Russia, a major oil producer, and now because China will likely need more as it emerges from COVID-19 lockdowns. Meanwhile, there is more limited capacity to process the oil into gasoline, and more Americans are using gas now that the summer travel season is here.
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