The pain at the pump in the Philadelphia region has hit a milestone with $5 per a gallon of regular gasoline in most of the city gas stations as the average price hits record highs once again just a week after Memorial Day weekend.
As of Saturday morning, the average price per gallon of regular in the Philadelphia region was $5.007, up from $4.94 on Friday and $4.450 a month ago, according to data released by AAA Mid-Atlantic.
The price hike comes right after Memorial Day weekend, in which AAA predicted 39.2 million people would travel 50 miles or more from home.
Gas prices have continued to shoot up in Pennsylvania, New Jersey, Delaware and around the nation amid increasing demand and rising oil prices.
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On Saturday, the average price per a gallon had hit a record in the five-county Philly region ($5.007), South Jersey (4.90), Delaware (4.783), Pennsylvania (4.913), New Jersey (4.916), and nationwide ($4.82), according to data released by AAA Mid-Atlantic.
CNBC reports that U.S. households are now spending the equivalent of $5,000 a year on gasoline, up from $2,800 a year ago, according to Yardeni Research.
The rise in energy prices has also led to a dramatic increase in energy production costs, which in turn has resulted in higher electricity bills for millions nationwide.
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In Pennsylvania, amid rising oil and natural gas prices, some of the major electricity suppliers announced increases between 6% and 45% in their energy rates which took effect in June.
