As the inflation crisis continues, the United States has set a new record for gas prices with the average cost per gallon rising over $4 per gallon in all 50 states for the first time ever, according to a new report from the American Automobile Association (AAA).
“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers,” said AAA spokesperson Andrew Gross. “Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.”
As explained in the report, “total domestic gasoline stocks decreased by 3.6 million bbl to 225 million bbl last week. Gasoline demand also decreased slightly from 8.86 million b/d to 8.7 million b/d. Typically, lower demand would put downward pressure on pump prices. However, crude prices remain volatile, and as they surge, pump prices follow suit. Pump prices will likely face upward pressure as oil prices stay above $105 per barrel.”
The national average cost for a gallon of gas is now $4.48, which is 40 cents more than a month ago and $1.43 more than a year ago, AAA noted.
In March, as gas prices reached record highs, Democrat President Joe Biden warned Americans that the prices were going to continue to “go up,” but he claimed that he “can’t do much right now. Russia’s responsible [for the rising gas prices.]”
During Biden’s first year in office, gas prices surged almost 50%; rising from $2.42 per gallon in January 2021 to $3.41 per gallon in January 2022 – a month before Russia invaded Ukraine.