national average retail price for regular gasoline hit $5 per gallon on Saturday for the first time in over two decades, according to data from AAA.It's the highest the group has seen gas prices rise since it started tracking the data in 2000, and it's likely to get worse as oil demand continues to outpace global oil supply, driving barrel prices even higher, AAA spokesperson Devin Gladden said.As of Saturday, prices at the pump are63 cents higher than they were a month ago and nearly $2 morethan a year ago, according to AAA data. GAS PRICES CLIMB 5 CENTS OVERNIGHT, AMERICANS ARE PAYING NEARLY $2 MORE FROM JUST ONE YEAR AGOGladden noted that oil prices reached $120 per barrel this week, which was also seen Russia first invaded Ukraine.
What shortly followed was a continuous streak of record-high gas prices. The price of oil accounts for 50% of what consumers pay for at the pump.A customer pumps gas into their car at a gas station on May 18, 2022 in Petaluma, California.