Gas Prices In The US Jump To A Record High $4.67 A Gallon
UNITED STATES (CW44 News At 10 | CNN) --Gas prices in the US have taken another big step in the wrong direction. The national average for regular gasoline has climbed by five cents to a record of $4.67 a gallon according to AAA.
That leaves gas prices up by 48 cents in the past month alone.
It now costs 32% more to fill up your tank than on the day before Russia invaded Ukraine.
Seven states now average $5 or higher, with Illinois becoming the latest to join that unpopular club, according to AAA. New York and Arizona are just pennies away from the $5 threshold. The average in California now stands at $6.19 a gallon.
No states have an average of $4.15 or lower, with George coming in at the lowest at $4.16.
Andy Lipow, president of Lipow Oil Associates, told CNN he expects the national average to hit $4.75 in the next 10 days.
Oil prices, the biggest component of pump prices, continue to move higher.
Brent crude, the world benchmark, gained 1% on Tuesday to close at the highest level in nearly three months. Brent is up another 1.2% Wednesday morning. The gains come after Europe agreed to phase out 90% of Russian oil imports by the end of the year.
The national average for regular gas is now 44 cents higher than on the day President Joe Biden announced the largest-ever release of oil from the Strategic Petroleum Reserve in late March.
The-CNN-Wire™ & © 2022 Cable News Network, Inc., a WarnerMedia Company. All rights reserved.
for more features.