US gasoline prices have been setting all-time highs on a daily basis over the past two weeks, according to American Automobile Association (AAA) data. The national average hit a record $4.523 per gallon (3.785 liters) on Tuesday, with every US state now averaging more than $4.
California’s state average for a gallon of gasoline has surged above $6, making fuel in the Golden State the most expensive across the United States. Prices are up 31 cents over the last month, and are $1.89 higher than a year ago.
Experts have attributed the sharp jump partly to the rise in oil prices, which makes up more than half of the ultimate price of gas.
“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers,” AAA spokesperson Andrew Gross was quoted as saying by CNBC. “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,” he added.
For more stories on economy & finance visit RT’s business section
© 2022, paradox. All rights reserved.