U.S. Gasoline Prices at Highest Levels Ever

On Tuesday, the American Automobile Association (AAA) said that U.S. Gasoline prices are the highest they have ever been.

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The AAA said that, early on Tuesday, the cost of a gallon of gas reached $4.374, which surpassed the previous record of $4.331 back in March this year.

The high cost of crude oil has been singled out as the main reason for the price increase: which was around $100 per barrel in the previous week, and is now increasing to $110, according to the association’s website.

The price of diesel fuel also reached new heights this week, hovering at around $5.45 per gallon.

About sixty percent of vehicle owners in the United States have been forced to change their driving schedules due to expensive fuel, according to a recent survey.

The Energy Information Administration confirms that the closure of many U.S. refineries during the height of the pandemic have pushed oil prices to higher levels; while the ones that are still open are at near to full capacity.

Demand for fuel has gone back to levels seen before the pandemic - which has meant that global fuel stockpiles have been reduced - but production is still far behind.

Sanctions on the Russia’s oil reserves - which is crucial supplier of oil - have pushed prices even higher, after its invasion in Ukraine; which led to the U.S., E.U., and their allies to impose sanctions on Russia.