Gas prices hit a new record on Sunday morning

The price of a gallon of regular gasoline hit a historic milestone over the weekend and continues to rise.

The price rose Sunday morning to $5.01, according to AAA.

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Gas hit $5 on Saturday morning for the first time ever as part of a record-breaking process.

The average price jumped 18 cents in the previous week, and was $1.92 higher than this time last year.

Gas prices hit $5 nationally for the first time in more than two decades

There is little evidence that the price will drop anytime soon.

Energy cost has been a major component of the The highest inflation rate in the United States Shahd 40 years ago.

It may be hard to remember, but in April 2020, gas prices fell to $1.80 per gallon, driven down by corona virus pandemic, According to government figures.

‘Ugly’ inflation report could raise the core rate by 75 basis points on the table

A year later, the price reached $3 and exceeded $4 in March.

State averages ranged from $6.43 a gallon in California to $4.52 in Mississippi.

World oil prices were High since December. The price of international crude has nearly doubled in that time, with the US benchmark closing Friday at more than $120 a barrel.

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The Russian invasion of Ukraine and the resulting sanctions by the United States and its allies contributed to the rise.

The Associated Press contributed to this report.