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HOUSTON — Gasoline prices hit a grim milestone on Saturday as the national average for regular gasoline hits $5 per gallon.

Summer gasoline is almost always more expensive because demand for fuel starts around Memorial Day weekend. But oil and refined fuel prices have soared to 14-year highs this year, largely due to Russia’s invasion of Ukraine and the consequent sanctions, and a recovery in energy use as the economy recovers from the coronavirus pandemic.

The national average price of gasoline on Saturday was $5.00, up 60 cents from a month ago. Gasoline sold for $3.08 a year ago, according to AAA motor club. The national average is at its highest point since it went up in March previous record It was founded in July 2008, when oil was trading at more than $133 per barrel. This was more than ten dollars above the current level, excluding inflation. Back then, the national average price of gasoline was $4.11, or about $5.37 per gallon in today’s dollars.

The average price is over $4 per gallon in all states. Inside California, has long been one of the most expensive states in the country for fuel, with its price exceeding $6 per gallon. States with the largest recent increases in gasoline prices include Michigan, Delaware, Maryland and Colorado.

Energy experts estimate that every penny increase in the price of gasoline costs Americans an extra $4 million a day.

“Take a sizzling summer cruise,” said Tom Kloza, head of global energy analysis at Oil Price Information Service. “The average consumer will pay $450 a month for their fuel needs, which compares to just over $100 in 2020 during the pandemic.”

The war in Ukraine has had the most direct impact on gas prices, as sanctions against Russia have drawn more than one million barrels of oil from global markets. Energy traders also increased oil prices in anticipation of a further decline in Russia’s production and exports.

But many other factors contributed to the rise in prices.

There is not enough capacity to convert oil into gasoline, diesel and jet fuel. Oil companies have closed a handful of refineries in recent years, especially during the pandemic, when demand has plummeted. Several new refineries will open or expand over the next year, which may help.

But for now, analysts say strong gasoline demand is pushing on limited supplies and driving prices higher as drivers set out after several waves of new Covid-19 variants kept them close to home. The easing of tight pandemic lockdowns in China has also boosted oil prices.

High gas prices – along with rising costs for other necessities such as food and shelter – are huge. Trouble for President Biden. Many political experts believe the Democrats could suffer huge losses in the November election as voters are angry and frustrated about high inflation.

Last week, as gas prices approached the $5 threshold, Biden administration officials said the president would. travel to Saudi Arabia, one of the world’s largest oil producers, making an apparent bid to seek help to restore diplomatic relations and, most importantly, lower energy prices. It also encourages domestic producers to pump more oil, although large oil companies are reluctant to increase investments significantly, preferring to return their profits to investors through dividends and share buybacks.

In the past, when oil companies produced more oil in response to higher prices, they reduced their profits, resulting in an abundance.

Mr. Biden There are few its impact on gas prices, driven by global supply and demand. Experts say that even Saudi Arabia is not in a position to bring prices down quickly, as it does not have the ability to fully compensate for the expected decline in Russian production. The European Union agreed last month to ban most Russian oil by the end of the year.

In March, Mr. Biden Ban on Russian oil and gaswarned Americans that “defending freedom will be costly.” There is some evidence that higher prices are starting to affect demand. Travel experts say some people prefer to use shorter distances on vacation.

Eventually, high prices at the pump are likely to encourage drivers to switch to electric cars, but the purchase of such cars is expected to reduce demand in the coming years, not months.

“It takes some time for price increases to affect demand,” said Donald Hertzmark, president of DMP Resources, a Washington-based energy consulting firm. “Consumers should believe that price increases are real and permanent, and there should be some adjustment period for substitution, protection and demand destruction.”

Clifford Krauss Reported from Houston and Marie Solis Reported from New York.