Prices at the pump hit a new all-time high on Tuesday as suppliers struggle to meet global demand amid ongoing conflict in Ukraine, rising crude oil prices and a rebound in demand after years of reduced consumption.
On Tuesday, gas prices hit a new high.
The national average price of regular gasoline went up to $4.374 per gallon on Tuesday, beating the previous record of $4.33 in March, according to the American Automobile Association.
The price of a gallon of gas has gone up by more than 20 cents in the past two weeks and by more than 80 cents since Russia invaded.
California, Hawaii and Nevada have the most expensive gas at an average of $5.84, $5.30 and $5.13 per gallon, respectively.
In Michigan and New Jersey, gas prices jumped 26 cents and 25 cents, respectively, from the week before.
Andrew Gross said that the increase was due to the high cost of crude oil and the European Union's proposal to ban Russian oil imports within six months.
On Tuesday, the national average for diesel hit a new record of $5.550 a gallon. Diesel prices can have a bigger impact on costs than gas prices can, as it is widely used to power freight vehicles transporting goods.
Over the last few months, crude oil prices have risen as oil producers struggle to boost supplies after demand fell during the Covid-19 epidemic. One of the world's leading oil suppliers, Russia, has been hit by Western sanctions for invading Ukraine. As more people hit the road in the summer, prices could continue to grow and experts warn that additional sanctions, including the EU's proposed ban on Russian oil from, are set to compound the issue.
The journey from worthless to $100 a barrel was analyzed.
All Rights Reserved © 2024
