Gas prices surge to record high

The common for a gallon of normal gasoline reached an all-time excessive of $4.374 on Tuesday after growing by 5 cents in a single day, AAA mentioned.

According to AAA, gasoline has elevated 17 cents within the final week, 26 cents within the final month and $1.41 within the final yr. Tuesday’s document topped the nation’s earlier document of $4.33 set again on March 11.

Several states — California, Nevada and Hawaii — are averaging greater than $5 per gallon. Meanwhile, a handful of states — Oklahoma, Kansas, Arkansas Missouri, Mississippi and Georgia — nonetheless have common gasoline costs under $4 a gallon.

AAA cited decreased provide of world oil and elevated demand for the rising costs.

“With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline,” mentioned Andrew Gross, AAA spokesperson. “These prices are creeping closer to those record-high levels of early March.”

The price of crude oil jumped considerably from December 2021 by way of March 2022, going from a low of $65 a barrel to a excessive of $119.

The sting Americans are feeling at gasoline stations is shared all through the world. For occasion, the Canadian Automotive Association studies gasoline hit $5.48 (U.S. {dollars}) a gallon on Tuesday, nearing a document excessive.

Diesel gasoline additionally continues to set information, reaching $5.50 a gallon on Tuesday.

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