3.6 C
New York
Tuesday, May 17, 2022
HomeCar NewsAverage US Gas Price Hits Record High, Surges To $4.17 Per Gallon

Average US Gas Price Hits Record High, Surges To $4.17 Per Gallon

With the US banning all Russian energy imports, the price will likely go higher.

There’s no denying that drivers in the United States are suffering from high gas prices. According to AAA, the national daily average for fuel is now $4.17. According to the most recent statistics from the US Energy Information Administration, which was released on March 7, the weekly average was $4.10. The weekly total is a whopping 50 cents higher than the previous week, and $1.31 higher than what drivers spent at this time last year.

The lowest rates are dispersed in the centre part of the country, spanning the Great Plains from Texas to North Dakota, where average costs are still around $4.00, according to a map on AAA’s website. California has the highest rates, with an average of $5.44 per gallon for standard grade according to AAA. Using Gas Buddy to focus on specific localities, we discovered reports of premium fuel prices topping $6.00 per gallon in many California locales.

Read More: Top Car (Automotive) Sites In USA

Read More: 10 Cheapest New Cars for 2022 in USA

Diesel gasoline is in considerably worse shape. The national weekly average for on-highway diesel surged 75 cents to $4.849 a gallon, according to the US Energy Information Administration. This is also a new high, surpassing the previous high of $4.845 established in July of 2008. Diesel costs, like gasoline, are normally lowest in the Great Plains and Midwest, with rates around $4.60. Diesel drivers in California are paying an average of $5.76 a gallon.

Oil prices have reached near-record highs due to market instability caused by Russia’s invasion of Ukraine. Oil prices peaked at $147 per barrel in July 2008, and they are already approaching that level. Brent crude hit a high of $139 two days ago before settling at $123 to end the session. In the same session, the West Texas Intermediate (WTI) reached a high of $130 before settling at $119.40. Brent is currently trading about $126 a barrel, while WTI is trading around $122 a barrel. The rise follows President Biden’s announcement that the US will prohibit all Russian energy imports, including oil.

Sources: US Energy Information Administration, AAA

Read More: US Vehicle Sales Figure By Model 

Read More: Best Budget Cars For Teens In 2022 In USA

Team Autobizzhttp://autobizz.in
Co-Founder Autobizz.in | Automotive Engineer | Fresh out of college, immensely passionate about automobiles along with a flair for writing. Looking forward to being a part of this industry and joining it's glorious journey


Please enter your comment!
Please enter your name here

- Advertisment -

Must Read

Top 5 Underrated Racing Games

Racing games are one of the most popular genres in gaming. Once fans start to like a game, they can't wait for the next...