Gas, Diesel Prices at Record Highs Under Biden

Gas up 20 cents in two weeks.

QUICK FACTS:

• The Biden administration saw prices at the pump hit a new all-time high on Tuesday as suppliers struggle to meet global demand amid rising crude oil prices, Forbes reports.
• The rising prices are also caused by renewed demand after years of lower consumption during the Covid-19 pandemic.
• The national average price of regular gasoline rose from $4.33 in March to $4.374 per gallon on Tuesday, according to the American Automobile Association (AAA).
• The change signifies a more than 20-cent increase in gas prices over the past two weeks.
• The national average for diesel also struck a new record on Tuesday, hitting $5.550 a gallon, which will likely have a much wider impact on costs as diesel is widely used to power freight vehicles transporting goods.

The national average price for regular gasoline climbed more than four cents on Tuesday to $4.37 a gallon, according to AAA. That takes out the prior record of $4.33 set on March 11. https://t.co/CnnwNKnG9l

— CNN (@CNN) May 10, 2022

WHERE GAS COSTS THE MOST:

• People are paying most for gas in California, Hawaii, and Nevada, where regular gas costs an average of $5.84, $5.30, and $5.13 per gallon.

BACKGROUND:

• U.S. oil prices fell on Monday, but gas prices generally lag behind the price of oil.
• The 18.3% jump in gas prices from February to March helped push the Consumer Price Index (CPI) to its highest annual rate since December 1981.
• Biden is preparing a major speech Tuesday to address record inflation in the U.S.