Across the county on Friday, the average price of a gallon of gas rose to $5 for the first time, The Wall Street Journal reports. Prices are only expected to increase throughout the rest of the summer, with a report from JPMorgan predicting the average price per gallon may hit $6.20 by August. Gas prices jumped when much of the world stopped dealing with Russian oil after the invasion of Ukraine in February, and consumers are feeling the pinch. Americans are simultaneously struggling with consumer inflation, which has reached its highest level in 40 years, according to OPIS, an energy pricing and market analysis company. In the last year alone, energy prices rose 34.6 percent and grocery prices increased by 11.9 percent, according to The Wall Street Journal. Although American drivers haven’t significantly changed their driving habits yet, a petroleum analysis expert told the paper he expects to see bigger changes when the average price of a gallon reaches $5.40—a price that would exceed the gas price peak in 2008 when adjusted for inflation.
