National average for a gallon of regular gas hit $4.97 on Thursday|Futureatlas.com|CC BY 2.0

The average gas price exceeded $5 for the first time ever Thursday per GasBuddy.

According to the American Automobile Association, California has the highest average price at $6.40 a gallon.

But it’s not just US
A gallon of gasoline in the UK hit a record of about $8.80. Phew!

Why?
Oil prices have been rising consistently in recent months, even before Russia invaded Ukraine. Now, the war between the two countries made the prices increase even more as Russian oil is off the market.

What the future holds?
The future, for now, looks expensive. Analysts expect the prices to continue to climb until there is less demand among people, but no one can predict when it will happen.

Increased use of electric vehicles could play a role in reducing the future oil demands.