US Gas Prices Highest in 10 Years, CA Average Is $5.07 a Gallon - GV Wire - Explore. Explain. Expose
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US Gas Prices Highest in 10 Years, CA Average Is $5.07 a Gallon

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For the immediate future, gas costing less than $5 a gallon will be hard to find in California. (Shutterstock)
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Thanks to Russia’s invasion of Ukraine and the world’s tightening oil market, gasoline prices in the United States rose by 11 cents a gallon overnight on Thursday.

According to data from AAA, the national average for regular gas was $3.83 on Friday. That is the highest average price in 10 years.

The price, as it always is, was even higher for California motorists, where the statewide average on Friday was $5.07 a gallon.

More than 50% of the cost of gasoline is set by the crude oil price, which eclipsed $116 a barrel Thursday — the highest since 2008. Other factors driving gas prices: refining, distribution, marketing, and taxes.

Read more at CNBC.

 

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