By: Brittany Bernstein – nationalreview.com – May 10, 2022
The national average price for regular gasoline reached a new record-high on Tuesday, according to AAA.
The new high — $4.37 a gallon — breaks the previous record of $4.33 set on March 11.
Gas prices jumped 5 cents overnight and a whopping 17 cents in the past week, CNN reported.
California, Nevada and Hawaii have all reached an average of more than $5 per gallon. Diesel fuel also set an all-time record on Tuesday of $5.50 a gallon.
“With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline,” AAA spokesperson Andrew Gross said. “These prices are creeping closer to those record-high levels of early March.”
The new highs come after the national average began to fall in April after the release of oil from emergency reserves.
Gas prices are up roughly 25 percent since Russia first invaded Ukraine, CNN reported. The Biden administration has repeatedly cited Russian president Vladimir Putin as the cause of Americans’ pain at the pump.
Meanwhile, Andy Lipow, president of Lipow Oil Associates, told CNN he believes retail gas prices will reach $4.50 a gallon in the next week to ten days.
Rising oil costs mean the average American household may pay almost $2,000 more for gasoline in 2022, Yardeni Research said in March.
“In addition, we estimate that the average household is currently spending at least $1,000 [according to a seasonally adjusted annual rate] more on food as a result of rapidly rising grocery prices,” wrote Edward Yardeni, the president of the firm, according to Fox Business. “That’s $3,000 less money that households have to spend on other consumer goods and services, which also are experiencing rapid price increases.”
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