What a disaster! The average price of gas in America has officially topped $5 per gallon — and it looks like it's only going to get worse in the near future.
From CNBC:
The average price for a gallon of unleaded gasoline rose above $5 nationally for the first time ... Prices look set to continue rising into the summer months, analysts said.
According to AAA, the average national price reached $5.004 on Saturday. That's up from about $3.07 a year ago and a record price not adjusted for inflation. At the end of the week, prices had already averaged $5 or more in about 20 states, with the highest prices on the West Coast.
"By my calculations, the typical household is spending about $160 more on gas a month than a year ago," said Mark Zandi, chief economist at Moody's Analytics. "That's a big bite."
The average American household spending 160 BUCKS MORE PER MONTH on gas than just ONE YEAR AGO. That is outrageous!
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