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Gas prices hit new record, expected to pass $5 nationally this weekend

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Casey Harper | The Center Square

(The Center Square) – Gas prices hit yet another record Friday as they teeter on the edge of a national average price of $5 per gallon of regular gas.

According to AAA, the national average gas price is $4.99, the highest ever recorded. That is a major increase from last week, when the average price was $4.76, or last month when it was $4.37.

The national average this time a year ago was $3.07 for regular gasoline.

Several states have passed the $5 mark in recent days, and the U.S. is expected to do the same over the weekend.

California leads the nation at $6.42 per gallon.

President Joe Biden has taken flak for the price increases. Biden has pointed to the Russian invasion of Ukraine and how it disturbed global oil markets. His critics point out prices were already rising before the invasion and take issue with his work to prevent oil drilling and pipeline development.

“Gas prices across the nation have doubled since Joe Biden took office,” U.S. Rep. Elise Stefanik, R-N.Y., wrote on Twitter. “Hardworking families cannot afford his failed policies.”

Diesel prices also topped a record high Friday at $5.75.

The cost of gasoline is driving record inflation. The U.S. Department of Labor reported Friday that consumer prices on everything from food to clothing to energy rose to 8.6 percent in May over the same period last year.