California's statewide average jumped 13 cents overnight to $5.07 a gallon, making it the first state ever to have an average price above $5 a gallon.
The national average price for a gallon of regular gas stood at $3.84 a gallon Friday, according to AAA. That is the highest price since September 2012 and 11 cents higher than Thursday.
Gas prices have soared 18 cents since Wednesday and 29 cents since Russia's invasion of Ukraine eight days ago. Each of those increases marks the largest price hikes since Hurricane Katrina slammed into the US Gulf Coast in 2005, devastating the nation's oil and gas industry, according to the Oil Price Information Service, which collects data from 140,000 gas stations nationwide for AAA's price averages.
"This is not the end of it. We're already up another 14 cents on wholesale gas prices this morning," said Tom Kloza, global head of energy analysis for OPIS. He said the wholesale gas price increases are likely to be passed onto consumers in short order.Craig Bolanos, CEO and founder of Wealth Management Group, discusses the impact Russia's invasion is having on the economy.
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