Gas prices hit new record high in U.S.

PROMO 64J1 Energy - Gasoline Pump Oil - iStock - jovannig
Published Tuesday, May 17, 2022
by Dan McCaleb | The Center Square

(The Center Square) - Gasoline prices hit a new high in the U.S. Monday, with the average cost of a gallon of regular gas at $4.48.

That's an increase of 15 cents a gallon in the past week and 40 cents over this time last month. A year ago, gas prices on average were $3.04 a gallon, $1.44 cheaper.

The average price for a gallon of diesel fuel is at $5.57 a gallon, also a record high. Diesel fuel is used by truckers who transport goods across the country, contributing to 40-year-high inflation that's sending the prices of groceries and other commodities significantly higher.

In California, the average price of a gallon of gasoline is $5.98, highest in the U.S.

President Joe Biden has attempted to blame the rising cost of gasoline on Russia's invasion of Ukraine, but prices began elevating shortly after he took office, when he canceled new oil and gas leases on federal lands and placed new restrictions on the industry.

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The Kiowa County Press is an independent newspaper published in Eads, Kiowa County, Colorado, and to the world at KiowaCountyPress.net.