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Power the Future executive director Daniel Turner blasts President Biden as he blames oil companies for not drilling more on ‘Fox Business Tonight.’
The price of a gallon of regular gasoline hit an historic milestone over the weekend and continues to move higher.
The price on Sunday morning rose to $5.01, according to AAA.
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Gas hit the $5 mark on Saturday morning for the first time ever as part of a record setting run.
The average price jumped 18 cents in the previous week, and was $1.92 higher than this time last year.
GAS PRICES HIT $5 NATIONWIDE FOR FIRST TIME IN OVER 2 DECADES
There is very little evidence that the price will drop anytime soon.
Gas pump filling nozzles. Fuel at gas station close up (iStock / iStock)
The cost of energy has been a major component making up the highest inflation the U.S. has seen in 40 years.
It may be hard to remember, but in April 2020 prices for gas fell to $1.80 per gallon, pushed lower by the coronavirus pandemic, according to government figures.
‘UGLY’ INFLATION REPORT COULD PUT FED RATE HIKE OF 75-BASIS POINTS ON THE TABLE
A year later the price hit $3 and shot past $4 this March.
State averages have ranged from $6.43 a gallon in California to $4.52 in Mississippi.
Global oil prices have been rising since December. The price of international crude has roughly doubled in that time, with the U.S. benchmark closing Friday at more than $120 a barrel.
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Russia’s invasion of Ukraine and the resulting sanctions by the U.S. and its allies have contributed to the rise.
The Associated Press contributed to this report.
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