National Gas Price Surging To $4.50

L Heslop

The prices of gas are inching back up to record highs. This hike means inflationary woes for families, the economy, and the Biden administration. According to the AAA, the national average for regular petrol jumped to $4.328 a gallon on Monday. This figure is close to the all-time high of $4.331 set on March 11. Diesel prices are also rising. The national average hit a record of $5.54 a gallon. (source)

Over the past week, gas prices have climbed 13 cents. The increases have eroded the recent lows of $4.07. The year began with high pump prices because of supply challenges. The Russian invasion of Ukraine in late February made gas costs surge higher. (source)

The Biden administration attempted to cool the situation. The White House released a record number of the country's oil stockpile. The effect worked, and gas prices declined. (source)

But analysts warned that the result would be short-lived. The administration was only releasing a limited amount of oil into the economy. Today's national average is around 23% higher than the day before the Ukraine invasion. (source)

Some analysts warn the hikes are not over yet. Gasoline futures are at record highs as of Friday. Andy Lipow is the president of Lipow Oil Associates. Lipow said, "Retail prices will climb by another 18 to 20 cents over the next 10 to 14 days, hitting a fresh record of $4.50 a gallon." (source)

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