The national average gas price hit a record high, and is expected to continue rising as the energy supply crunch in the US rages on.
The average price for a gallon of gasoline in the US rose to a record Sunday morning at $4.47, according to the latest numbers from AAA. The price on Saturday was $4,452.
Some states with higher-than-average prices include California at $5.92 a gallon, and Hawaii at $5.32.
Diesel also hit its own highest recorded cost just above $5.56.
BIDEN ENDING MORATORIUM ON FEDERAL DRILLING LEASES WON’T HELP GAS PRICES FOR ‘OVER A YEAR’: OIL EXPERT
Before Russia was hit with sanctions for invading Ukraine, threatening the already tight global oil market, the national average was at $3.53, according to Andy Lipow, the president of Lipow Oil Associates.
I have estimated that the national average could soon arise as high as $4.50 per gallon.
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the Biden administration canceled one of the most high-profile oil and gas lease sales pending before the Department of the Interior, as Americans face record-high prices at the pump, according to AAA.
Within his first week in office, President Biden signed an executive order temporarily suspending new oil and gas leases on federal lands. The administration summarized the new leasing last month following court challenges against the ban. The administration is appealing a ruling in which Judge James Cain, a Trump appointee, struck down the ban.