Despite the increase, gas costs in the United States remain significantly lower than those in the United Kingdom.

The price of a gallon of gasoline in the United States has surpassed five dollars for the first time, as global oil prices continue to skyrocket due to the conflict in Ukraine.

While the average price on Saturday was $5, motorists in many regions of the country, particularly California, are paying far more.

However, $5.004 (£4.06) is much less expensive than in the United Kingdom, where a US gallon (approximately 3.8 liters) costs £6.93.

President Joe Biden accused the US oil industry, and Exxon Mobil Corporation in particular, of profiteering on a supply deficit.

This year, Exxon made more money than God, Mr. Biden told reporters at the Los Angeles port.

“Why do they not drill? Because they get more money by not increasing oil production “he added.

Exxon responded to the criticism by stating that it has continued to boost its oil, gasoline, and diesel production in the United States and that it has borrowed excessively to increase output while incurring losses in 2020.

The news comes after US data released on Friday revealed that consumer prices rose 8.6 percent in May compared to the same month last year – the greatest inflation rate in forty years.

In the past month, the prices of gasoline, food, and other basics have skyrocketed.

The US consumer price index (CPI) advanced to 1 percent in May from 0.3 percent in April, while on an annual basis it increased 8.6 percent as fuel prices reached a record high and the cost of services continued to rise.

As a result of Russia’s invasion of Ukraine, fuel costs have skyrocketed across the globe, causing drivers to feel the pinch.

Record penalties, including a partial embargo on Russian oil supplies to the European Union, have been imposed on Moscow.

Local media suggest that protests against fuel costs are scheduled for this weekend in Poland, with the prospect of cars blocking gas stations.

Last week, one person was killed in the capital of Guinea during protests against fuel price increases.

People barricaded streets and burned tires in protest of a 20 percent hike in gasoline prices.