The U.S. national average for a gallon of regular gasoline hit a fresh record high of 4.173 U.S. dollars on Tuesday, according to data from the American Automobile Association (AAA).

The national average gas price has jumped 55 cents over the past week, following a surge in the oil prices and surpassing the previous record of 4.114 dollars a gallon set in July 2008. The current record does not account inflation.

As of Tuesday morning, 28 U.S. states and the District of Columbia have average gas prices over 4 dollars a gallon. California has the most expensive gas prices in the country, averaging 5.444 dollars a gallon.

The current national average price for a gallon of diesel is 4.755 dollars, also near the record of 4.845 dollars set in July 2008, according to the AAA.

"Increasing oil prices play a leading role in pushing gas prices higher. Consumers can expect the current trend at the pump to continue as long as crude prices climb," the AAA said.

The West Texas Intermediate (WTI) for April oil delivery settled at 119.40 dollars a barrel on the New York Mercantile Exchange on Monday, its highest since September 2008. The U.S. crude benchmark has climbed roughly 24 dollars per barrel since the start of the month amid the ongoing conflict between Russia and Ukraine.

Analysts said the White House has an interest in fighting surging gas prices which could further increase the highest level of inflation the United States has seen in 40 years. Inflation has negatively impacted U.S. President Joe Biden's poll numbers in the lead-up to this year's congressional midterm elections.

Related

Go to Forum >>0 Comment(s)