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U.S. gas prices set record for second straight day – Colorado Springs, Colorado

Colorado Springs, Colorado 2022-05-11 07:32:20 –

According to AAA, a gallon of normal gas average rose three cents overnight before reaching a record high of $ 4.40 on Wednesday.

Wednesday price increases show that gas prices hit record highs in the U.S. for the second straight day

Gas increased by 18 cents last week, 29 cents last month, and $ 1.42 last year, according to AAA. This week’s record surpassed the previous national record of $ 4.33 set on March 11.

In some states, such as California, Nevada, and Hawaii, the average is over $ 5 per gallon. Meanwhile, in a few states such as Oklahoma, Kansas, Arkansas, Missouri, Mississippi, and Georgia, average gas prices are below $ 4 per gallon.

AAA cited a decline in global oil supply and an increase in demand for rising prices.

“More expensive oil means more expensive gasoline because the cost of oil accounts for more than half of the pump price,” said AAA spokesman Andrew Gross. “These prices are approaching record highs in early March.”

Crude oil costs rose sharply from December 2021 to March 2022, rising from a low of $ 65 a barrel to a high of $ 119.

The puncture wounds that Americans feel at gas stations are shared around the world. For example, the Canadian Automobile Association reports that gas reached a record high of $ 5.70 a gallon on Wednesday. The UK reports the equivalent of $ 7.69 a gallon.

Diesel fuel continues to break records, reaching $ 5.55 per gallon on Wednesday.

U.S. gas prices set record for second straight day Source link U.S. gas prices set record for second straight day

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