The average price of gasoline reached another new record-high Tuesday, AAA’s price calculator found.
The average price of regular gas reached $4.523 per gallon, up from an average of $4.483 per gallon the day before, according to AAA’s price calculator. The current average soared from last week’s $4.374 per gallon.
The average price of diesel and premium both continue to exceed $5 per gallon, currently being $5.573 and $5.160, the agency reported. The average price at the pump in California currently exceeds $6 per gallon, up 31 cents from last month, CNBC reported.
Gas prices have hit new record highs for eight straight days straight, with the average regular price hitting $4.37 per gallon as of May 10.
The rise in oil comes as the European Union prepares to impose oil sanctions on Russia in the near future, Fox Business reported. The U.S., which imposed sanctions on imported Russian oil in February, continues to face staggering inflation numbers that reached 8.3% in April.
Gas prices are now averaging over $4.50 for the first time in U.S. History… $1.50 more than this time last year.
AAA reports this morning the average gas price currently sits at $4.52.
This time last year? Gas was $3.05.
— Nathan Brand (@NathanBrandWA) May 17, 2022
President Joe Biden said in March that gas prices would come down by 10-35 cents a gallon, but the extent of the price decrease would greatly depend on the number of oil barrels European allies decide to release from their supply. (RELATED: Psaki Warns Of ‘Extraordinarily Elevated’ Data, Blames ‘Putin’s Price Hike’)
The White House has placed the blame for rising gas prices on Russian President Vladimir Putin, first dubbing the price surge “Putin’s Price Hike” in March. Gas prices were already on the rise months prior to Putin’s invasion of Ukraine, causing the president to tap the Strategic Petroleum Reserve (SPR) in November to release 50 million barrels. The administration is currently releasing tens of millions of barrels per day from the SPR over a six-month period.