Gasoline prices hit a record high, again

May 10th, 2022

consumer prices — Gasoline prices are displayed at a gas station in Vernon Hills, Ill., Friday, April 1, 2022. (AP Photo/Nam Y. Huh)

U.S. gasoline prices reached another record high on Tuesday as Russia’s war in Ukraine continues to roil oil markets.

The average cost of a gallon of regular fuel hit $4.374, according to data from AAA. That’s the highest ever, not adjusting for inflation, surpassing the previous record high of $4.331 a gallon set in March, soon after Russia’s invasion of Ukraine.

A year ago, gasoline prices were trading at just under $3 a gallon, according to AAA.

The pain at the pump comes as the price of crude shot above $100 a barrel following Russia’s invasion, and it has remained high since.

Global markets aside, U.S. gasoline prices typically rise during the summer months, due to increased demand and a more costly summer fuel blend.

That historic trend, mixed with volatility in global oil prices, is not a good sign for relief at the pump.

Biden tries to address soaring gas prices

Brent crude, the global benchmark for crude oil, was trading at $105 a barrel as of Tuesday morning.

Western Texas Intermediate, the main U.S. benchmark, trailed at $102 a barrel.

President Biden has been working to increase oil output in an effort to lower gas prices.

He’s encouraging U.S. oil producers to ramp up their production, though with limited success. And he urged the oil cartel OPEC+ to increase its oil output, again, to little end.

The Biden administration also announced a historic release of 180 million barrels of oil from the country’s emergency stockpile.