As of Saturday morning, the nationwide average for a gallon of gas is now $5.00. With inflation rising 8.6% year over year, it's now reached the highest level 40 years.
Due to inflation, the cost of food has gone up 10.1% and energy at 50.3%. Economists say that compared to last year, the average American family is paying $460 more per month for goods and services.
Denton Cinquegrana, chief oil analyst for the Oil Price Information Service, says that he doesn't see the prices going down anytime soon.
"I wish I had better news for you. I see nothing really kind of stopping it," he said on Saturday TODAY. "I think the response actually has to come from the consumer."
Cinquegrana noted that people will have to "consume less" to get the demand to drop and once that happens, "it'll give supply a chance to catch up and we'll get a little bit back to what might be considered normal."
In the past year, gas has gone up $1.86 a gallon and is now expected to hit $6 by Labor Day.
These alarming numbers have caused people to carpool, drive less and use regular oil instead of premium if they’re getting behind the wheel of a luxury vehicle.
Kimberly Palmer, a personal finance expert, told NBC's Sam Brock that she people tend to be ordering online more to avoid driving.
"They're doing all their deliveries online, whenever possible," Palmer said.
Meanwhile, bike sales are exploding as people search for alternative modes of transportation.
As prices remain high, it might be best to use Google Maps as your navigation system because it has an option to map a route that's "most fuel efficient" for your vehicle.
Also, gas stations offer customers credit cards and rewards that can net you three to five cents off per gallon. If you're a member at big box stores like Costco and Sam's Club, they may have cheaper gas and regular discounts available.
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