Record high gas prices of $4.17 per gallon

Tuesday's gas price broke the July 2008 record of $4.10 per gallon. This was a stark reminder for U.S. motorists of the domestic consequences of Russia’s invasion of Ukraine.

Record high gas prices of $4.17 per gallon

According to AAA (formerly the American Automobile Association), gas prices in the U.S. rose to record levels Tuesday, reaching $4.17 per gallon for unleaded.

This price is lower than the $4.10 per gallon record set in July 2008, when it was $4.10 per gallon. This price would rise to $5.37 by 2022 if inflation is taken into account.

According to AAA data, the average price in the country increased by 10 cents per day and 55 cents over last week.

Since the Russian invasion in Ukraine two weeks ago, pressure at the pump has intensified. There have been subsequent calls to ban Russian oil imports. Monday morning, President Joe Biden declared that the U.S. wouldban Russia's oil imports and other energy products.

Biden praised the move as "another powerful punch to Putin's war machine." However, the ban will likely cause gas prices in Russia to rise again. Biden promised to "do everything I can" to limit Putin's price increase here at home.

He said that this was an option the U.S. could take, as it produces more oil in the country than Europe.

High gas prices coincide with rising crude oil prices. Brent crude oil, an international benchmark for oil prices, opened Tuesday morning at $128.99 per bar, which is a 4.6 percent rise from last month.

According to the U.S Energy Information Administration, Russia was the third-largest global producer of petroleum products in 2020. It accounts for approximately tenths of the global oil supply.

The International Energy Agency announced last week that it would release crude oil from 31 countries' strategic reserves to combat rising crude prices.

AAA stated that consumers can expect the current trend of pump prices to continue for as long as crude oil prices rises.

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