NOTTINGHAM, MD—Gas prices across the country have hit a new record high. On Tuesday, GasBuddy reported that gas prices set a fresh record at the pump, rising above the previous all-time high of $4.35 per gallon set in March.
The national average price of gas now stands at $4.36 per gallon, and could continue to climb through Memorial Day as summer road trip season begins and oil prices remain volatile. In addition, the soaring price of diesel also set a new all-time record of $5.53 per gallon on Tuesday.
Fuel prices in the U.S. decreased slightly after spiking in March, as the situation between Russia and Ukraine continued, but simmered. Prices began to rise again over the last few weeks as the odds of the European Union sanctioning Russian oil increased. Just in the last seven days, the national average rose over 15¢ per gallon, bringing it to Tuesday’s record price. Diesel prices have also continued to surge in recent weeks, not only setting a new record for the difference to gasoline, but outright highs.
“Liquid fuels have turned into liquid gold, with prices for gasoline and diesel spiraling out of control with little power to harness them as the imbalance between supply and demand globally continues to widen with each passing day. Russia’s oil increasingly remains out of the market, crimping supply while demand rebounds ahead of the summer driving season,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “There’s little, if any, good news about fuel prices heading into summer, and the problem could become worse should we see an above average hurricane season, which could knock out refinery capacity at a time we badly need it as refined product inventories continue to plummet.”