US Sees an Unwanted First on Gas Prices

Russia's invasion of Ukraine has pushed gas prices sky-high. For the first time in any US city, the average price of a gallon of gas hit $5 in San Francisco on Thursday. The rest of California, the state where gas is the priciest at a current average of $4.94 a gallon, is expected to cross the $5 mark in the next week or two, followed by other major cities across the country, USA Today reports. Nationwide, the average price for a gallon of gas increased by 11 cents between Monday and Thursday to hit $3.72; a month ago, it was $3.41. The highest gas increases over the last week were in Michigan ($0.39), Indiana ($0.36), Illinois ($0.31), and Ohio ($0.30).

"American and (European Union) sanctions are having a severe impact on Russia's ability to sell crude oil, thus crude prices have skyrocketed," says the head of petroleum analysis at fuel-savings app GasBuddy. The US and other governments on Wednesday agreed to release 60 million barrels from their national oil reserves, but the move didn't do much to help supply concerns, and oil prices surged another $7 per barrel, CBS News reports. The benchmark price rose to $120 a barrel, the highest number in 10 years, briefly Thursday before dropping to $112.75. (More gas prices stories.)