National average gas price hits $5.01, the highest ever

The average price of a gallon of gasoline in the U.S. is officially beyond the $5 mark, according to AAA fuel price data. As of today, Monday, June 13, the national average is $5.01. What a great time to buy a new 2023 Cadillac Escalade V, right?

This is the highest national average reported since AAA began collecting data in 2000. We knew this day was coming as fuel neared the $5 mark last week, and a final 15-cent surge from last Monday to today has resulted in the country hitting that mark. Compared to one year ago, fuel is $1.94/gallon more expensive.

As always, average prices are vastly different state-to-state. California is sporting the highest average at $6.44/gallon, and Georgia has the cheapest fuel, averaging just $4.48/gallon. We’re nearing a point where half the country’s states are averaging at least $5/gallon, too — as of Monday, 22 states are rocking an average price of $5 or more.

A barrel of oil is over $120 now, and AAA says that price is nearly double the price from last August. Total stocks of oil decreased last week, and demand is still on the rise as we enter into the prime summer travel season.

“Based on the demand we’re seeing, it seems high prices have not really deterred drivers,” said Andrew Gross, AAA spokesperson. “If prices stay at or above $5, we may see people start to change their daily driving habits or lifestyle, but it hasn’t happened yet.”

AAA suggests that these high prices will remain for the “near future,” as folks continue to buy the expensive fuel.

Just like the last dramatic surge in fuel prices, though, Krispy Kreme is offering a deal for its dozen glazed donuts. Every Wednesday, you’ll be able to pick up a dozen donuts for the average price of a gallon of gas — this Wednesday, that’ll be $5.01.