Gas prices hit $5 nationwide for first time in over 2 decades

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Gas prices hit $5 nationwide for first time in over 2 decades
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HIGHER & HIGHER: Gas prices hit $5 nationwide for first time in over 2 decades as Americans prepare for summer travel

A customer pumps gas into their car at a gas station on May 18, 2022 in Petaluma, California.There are multiple factors that are causing more pain at the pump for drivers: Sanctions placed on Russia for its invasion of Ukraine; higher fuel demand as drivers are "reclaiming their travel time" after being restricted over the past two years; and the official start of hurricane season, which could further threaten supply.

"Even just the threat of a hurricane, that can shut down crude production, particularly in the Gulf Coast, and that can also cause oil prices to rise," Gladden said.

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