Gas hits $5 a gallon for the first time. Here's how it got here and what's ahead

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Analysts warn gas prices are likely to go even higher still given that the global factors pushing up crude prices are unlikely to ease anytime soon:

A gas pump is seen at a Chevron gas station on June 9 in Houston, Texas. Gas prices nationally hit an average of $5 a gallon, according to AAA. Gasoline prices in the U.S. just hit $5 a gallon for the first time, and there's little relief in sight., though that's not adjusted for inflation. The milestone comes just as the peak summer driving season gets underway.

, would ease some of the restrictions and lockdowns imposed during a spike of Covid-19 cases, though the country went back on a a state of alert this week.The invasion has led the U.S. and its allies to impose a wide range of sanctions against Russia, and the European Union has even implemented an oil ban, a big step for a region dependant on Russian energy exports.

The pain at the gas pump is putting a serious dent in many household budgets and it's also starting to force people to adapt. Biden announced a plan in March to release up to 180 million barrels from the country's emergency oil reserves, spread over six months. President Biden announcing the U.S. would tap its emergency oil reserves at the White House on March 31.

 

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