American drivers are in for déjà vu this summer

Gas prices are creeping closer to the dreaded $5 per gallon level, last reached in June 2022

David Paul Morris/Bloomberg via Getty Images

Gas prices are creeping up to $5 per gallon with oil prices hovering in triple-digit territory. In some states like California, gasoline already surpassed the dreaded milestone, the result of an international crunch in energy supplies due to a foreign conflict that injected disarray into the global economy.

That was four years ago. Back then, Russia’s invasion of Ukraine in February 2022 caused a global energy crunch that led to a similar spike in gas prices that Americans are experiencing today.  The national average for gasoline prices peaked at $5.01 in early June 2022, and gradually dropped like a feather over six months to its pre-invasion levels.

For Americans who hit the road back then, this summer will be an unwelcome déjà vu of staggering price increases at the gas pump. Gas prices stood at $4.55 as of Friday, according to AAA motor club. The national average climbed 25 cents for the second week in a row given the sharp plunge in oil shipping.

Analysts warn that gasoline will cross the $5 per gallon threshold sometime this summer as the critical Strait of Hormuz remains virtually frozen to commercial shipping with........

© Quartz