USA Gasoline Price Hits New Record

The average price of regular gasoline in the U.S. hit a new record of $4.37 per gallon on Tuesday, according to the AAA gas prices website.

The site’s previous highest recorded average price for regular gasoline in the U.S. was $4.33 per gallon, which was seen on March 11.

Yesterday’s average price of regular gasoline in the U.S. came in at $4.32 per gallon, the week ago average came in at $4.20 per gallon, and the month ago average came in at $4.11 per gallon, the AAA website outlined. The year ago average is shown to have been $2.96 per gallon.

“The price of oil is the main driver behind this price increase,” AAA Federal Affairs Manager Devin Gladden told Rigzone, commenting on the new price record.

“Crude prices started spiking last week after the European Union announced its proposal to ban Russian oil imports,” Gladden added in the statement.

According to the AAA site, California has the highest average price of regular gasoline in the country as of May 10, coming in at $5.84 per gallon. The highest recorded average price for regular gasoline in the state is $5.91 per gallon, which was reported on March 29.

A White House statement released on May 10 outlined that the Biden administration was “addressing Putin’s price hike at the pump” through a range of actions. These included releasing one million barrels of oil per day from the Strategic Petroleum Reserve for the next six months, rallying allies to release an additional 60 million barrels of oil from other countries’ reserves, allowing E15 gasoline to be sold this summer, and calling on Congress to make companies pay fees on idled wells and non-producing acres on Federal lands.

The AAA gas prices site describes itself as a public service of the United States of America’s largest motoring and leisure travel membership organization. It is updated daily.

To contact the author, email andreas.exarheas@rigzone.com