Gasoline Prices Reach $5 a Gallon Nationwide for the First Time

Consumers are managing high prices at the pump as the average cost of a gallon of unleaded gas cracks a new record

The record high, according to OPIS, an energy-data and analytics provider, comes as U.S. consumer inflation hit its highest level in 40 years and crude oil prices remain high.

Gas prices skyrocketed after Russia invaded Ukraine earlier this year, with traders, shippers, and financiers shunning Russian oil supplies.

Oil inventories, which were already tight because of higher demand from economic reopening, have depleted even more, with no sign of relief ahead.

That has translated to pain at the pump, further squeezing Americans’ household budgets already hit by higher prices on everything from items at the grocery store to restaurant meals and air travel.

Prices for energy jumped 34.6% from a year earlier, while the cost of groceries rose 11.9% on the year, adding to consumers’ woes.

The average cost of a gallon of unleaded gas in Mississippi was still below the national average Friday, at about $4.52, according to OPIS.

That is around the price that, adjusted for inflation, would surpass the 2008 peak for gas prices,