Gas prices reach new record high

Posted 42 days ago

From WWW.FOXBUSINESS.COM

Average gas prices in the U. S. reached a new record high Tuesday, according to AAA's gas price calculator.

The national average cost of a regular gallon of gasoline hit $4.523 early Tuesday morning. This topped Monday's record of $4.483, which in turn had beat Sunday's record of $4.470.

The price comes as the European Union edges toward oil sanctions on Russia amid the Kremlin's invasion of Ukraine. It also comes amid record-high inflation, with the consumer price index reaching 8.3% in April, hovering near March's 40-year high.

The White House has blamed Russian President Vladimir Putin for the record-high gas prices in the U. S., even coining the surge as the "#PutinPriceHike" and vowing that President Biden will do everything he can to shield Americans from "pain at the pump."

Biden, last month, announced that the Environmental Protection Agency will allow the sale of E15 gasoline – gasoline that uses a 15% ethanol blend – across the country this summer. Biden has also moved to release 1 million barrels of oil per day from the Strategic Petroleum Reserve for the next 6 months. The president is also calling on Congress to make compan... (Read more)