Average Gas Price Hit $5 For First Time In US


According to the reports, for the first time ever, a gallon of the regular gas in the United States is now costing 5 dollars on average. The gas prices has also been increasing steadily for the past eight weeks and this has been the latest milestone has been marking the 15th straight day that the reports are reading has hit a record price and has been the 32nd time in the past 33 days.

The nation average prices had been standing at 4.07 dollars when the current run of the price increases that has started in 15th April 2022 and the current price reading from the OPIS has been representing an increase of 23 percent in less than two months.

The increasing prices of gasoline in the United States has been doing more than just causing the pain at the petrol pump for the drivers. They have also been a major factors in the prices that are paid by the consumers for a complete range of the goods and services increasing at the fastest pace in around 40 years.

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This inflation has now caused the consumer confidence for hitting a record low and the worries regarding what the Federal Reserve is going to do for battling the inflation has sent the plunging US Stocks in recent months that is wiping out the billions of the people in the household wealth. The national average for the gasoline of the United States can possibly be closed to 6 dollars.