Drivers Are Still Feeling The Pain At The Pump As National Average Passes $5
PHILADELPHIA (CBS) - Gas prices are climbing to historic highs. The national average passed the $5 mark for the first time ever over the weekend - and it's even higher in Philadelphia where drivers are finding it harder to fuel up amid record-setting inflation.
"I can't imagine how much higher it's gonna get, honestly. I mean, it's $4.99 right now. I'm assuming it's gonna be $6 sometime soon, honestly," driver Will said.
According to AAA, the average gallon of regular gas in the five-county Philadelphia area will now cost you $5.11. That's the highest in our region followed by South Jersey and northern Delaware at $5 flat.
"I'm hoping that these Republicans get on board with these Democrats, come to some kind of solution to bring these prices down!" driver Vincent Johnson, of Southwest Philadelphia, said.
Nationally, the soaring cost of gas is helping fuel inflation which is now at a 40-year high. The price of milk is up 20% in the last year, eggs are up 75% and when it comes to housing, average rent prices are up more than 15% in the last year. Flight prices are also soaring, up nearly 40% from a year ago.
In many cases, small business owners are bearing the brunt of inflation. Nearly one-third of them say it's now their number one worry.
"It's the gas, it's the labor shortage and the wages. So, you get it from all angles when you're a small business." a business owner said.
The fed is expected to raise interest rates again soon but it will take time to get inflation under control.
Over the weekend, President Biden blamed the war in Ukraine for rising gas prices and Exxon mobile for not producing enough petroleum.
Many experts believe the average gallon of gas could hit $6 per gallon by August.