Gas prices hit new record high

Gas prices hit a new record high on Sunday, climbing to a national average of $5.01 for a gallon of gas, according to AAA.

The average spiked about 16 cents from last week as summer rolled in and Americans started driving more for vacations, trips and outings.

Around this time last year, the national average for a gallon of gas was $3.07, according to AAA.

Americans have watched prices at the pump soar since 2021 and then accelerate this year after Russia’s invasion of Ukraine.

Now, gas prices have shattered records. In California, the average for a gallon of gas climbed to $6.43 on Sunday, the highest in the country.

Even states with typically lower averages, such as Texas and Mississippi, are seeing gas prices inch past $4.50 per gallon.

The latest record comes after inflation hit a 40-year high in May, driven by increases in government spending during the pandemic, international turmoil, disrupted supply chains and increased consumer demand in a period of post-COVID-19 restrictions.

The Biden administration has taken the brunt of the blame for much of the rising prices, with President Biden’s approval rating hitting historic lows last week in several polls.

Biden, however, has maintained the economy can recover because of strong job growth and low unemployment rates, a claim he repeated during an interview Wednesday on ABC’s “Jimmy Kimmel Live!” 

“Inflation is the bane of our existence,” Biden said, adding that “we have the fastest growing economy in the world.”