The national average price of gas in the US surpassed $5 a gallon for the first time ever. According to GasBuddy, the milestone comes behind months of gas price increases across the country. One of the main reasons that gas prices have surged is due to supply constraints from the pandemic. Gasoline inventories have fallen over 25 million barrels since the start of March, amidst a global decline in refining capacity.
The price of oil has also jumped due to escalations from the Russian war vs Ukraine. The national average price of gas broke $4 a gallon for the first time since 2008 on March 5th. It broke the previous record of $4.10 a gallon on March 7th. As of June 9th, gas in Taylorville was around $5.29 a gallon.