Gas Prices
US Gas Prices Hit New High of $4.43/gal Even As Oil Prices Fall
Average US gas prices set a new record high of $4.43 per gallon. Incredibly, the price of fuel continues to rise even as oil prices worldwide are going down.
RELATED: US Gas Prices Hit Record of $4.17 Average Price per Gallon
US Gas Prices Set New High Over The Weekend
Last Saturday, the Associated Press reported that US gas prices hit a record high of $4.43 per gallon on average.
In fact, US gas prices increased by 79 cents in the past two weeks alone. This makes current fuel prices $1.54 more on average compared to prices a year ago.
Saturday’s price was the latest record set this year in terms of fuel prices. Last week, US gas prices hit $4.17 per gallon on average, which was the highest price at the time.
Previously, the highest average price recorded was $4.11 per gallon in July 2008.
US Gas Prices Rose As the US Bans Russian Oil Imports
While the average price of a gallon of gas is at $4.43, tax rates in some states caused the price to go much higher. In California, for example, gas prices are already into the $6 per gallon range.
In fact, in some Los Angeles filling stations, gas prices reached nearly $7. Diesel fuel also took a hit in prices. Prices increased by $1.18 in recent weeks, which pushed the average to $5.20 a gallon.
The new record prices of fuel came after the US banned Russian oil, gas, and coal imports. President Joe Biden announced the ban last week.
He said, “Russian oil will no longer be acceptable at U.S. ports and the American people will deal another blow to Putin’s war machine.”
As US Gas Prices Go Up, Oil Prices Go Down In the International Market
Meanwhile, oil prices are going down in the international market. Last Sunday, oil prices continued their downward trend from last week.
Prices are dropping after a US official said that Russia is reportedly softening its stance against negotiating with Ukraine to end the war.
As a result, Brent crude futures fell by 1.6% or $1.82 to $110.85 a barrel. Also, West Texas Intermediate crude futures fell by $2.41 or 2.2%. Now, it’s only $106.92 per barrel.
After hitting a high of $139.13 last March 7, Brent crude oil prices are now softening. US crude also hit a high of $130.50 during the same day.
World Oil Supply Can Improve Despite Russia Embargo
The oil market turned upside down during the first few days of the Russia-Ukraine war, sending oil prices spiraling out of control.
However, optimism returned last week as traders began to look for options to improve the world’s oil supply.
In addition, US Deputy Secretary of State Wendy Sherman said that Russia is showing signs of listening to reason. She said that Moscow is now amenable to holding peace talks with its neighbor.
However, Sherman cautioned that even as Russia is willing to hold talks, it has yet to drop its objective.
Russian troops continue to conduct military operations in Ukraine. Recently, the country confirmed its intent to destroy its neighbor.
Watch the Washington Post’s video report on “Why high gas prices may be here to stay.”
Loading ...Why are US gas prices still climbing? Will lower oil prices ultimately bring down the price of fuel in the US?
Let us know what you think about gas prices getting out of control. Share your thoughts in the comments section below.
2 Comments
That’s what happens when a corrupt government installs an incompetent, career criminal and a woman based on her color and that she’s a woman. This is just the beginning…of the end.
YOU KNOW WHO TO BLAME:
BIDEN, HARRY ASS, AND PELOSI !!!!
MAINLY BIDEN HE IS THE ONE THAT STOPPED THE OIL PIPE LINE. AND HAS ALL OF THE GREEN ENERGY COMPANIES IN HIS POCKET. AND DON ‘T FORGET ABOUT
AL GORE AND JOHN KERRY.
DON’T YOU JUST LOVE THE WAY BIDEN BLAMES EVERYONE ELSE FOR HIS STUPIDITY.
USE TO BE WE HAD PRESIDENTS WITH SOME “BALLS” NOT ANYMORE. THIS ONE “BIDEN” HAS HAD HIS CUT OFF BY THE GREEN ENERGY CARTEL!!! WHAT EVER HAPPENED TO “THE BUCK STOPS HERE” MR. PRESIDENT ?
ONCE AGAIN “FUCK JOE THE HO BIDEN”!!!