October 7, 2022

Gas prices jump to fresh record highs

2 min read

The national average price of regular petrol rose more than four cents to 4. 4.37 per gallon on Tuesday. According to AAA. It breaks the previous record of $ 4.33 set on March 11.

Rising gas prices – prices have risen 17 cents in the past week alone – will only add to the inflationary pressures that have raised fears of a recession, shaking financial markets and shaking the economy. Has influenced the views of Americans.

The national average fell to 4. 4.07 per gallon in April, following record-breaking oil from emergency reserves and cooling oil prices. But as industry analysts Forecast of the timeThat aid proved to be short-lived and insignificant.

Pump prices have risen nearly 25 percent since Russia’s invasion of Ukraine, sending shockwaves through global energy markets.

Real gas prices will need to be adjusted for inflation. Climb above 30 5.30 per gallon. To break the record set in 2008, according to the US Energy Information Administration.
First on CNN: The Biden administration launches a plan to replenish emergency oil reserves.

Still, the latest rise in gas prices will only exacerbate today’s inflation problems, and most will not be included in Wednesday’s inflation report.

Some analysts fear that even higher prices are coming. Andy Lipo, president of Lipo Oil Associates, told CNN on Sunday that he expects retail prices to reach 4. 4.50 a gallon in 10 days from next week.

Gas prices have been rising steadily towards oil, and the good news is that oil prices fell sharply on Monday, perhaps due to some pressure on pump prices.

US oil fell 6 percent to 10 103.09 a barrel on Monday, its worst day since the end of March.

Beyond concerns about China’s Quad Lockdown, analysts said oil fell as it plunged Wall Street into gloom and doom as stocks fell. On Tuesday morning, crude oil prices were slightly lower.

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