October 1, 2022

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US gas prices jump to a record high of $4.67 a gallon

US gas prices jump to a record high of $4.67 a gallon

The national average for regular gasoline rose by five cents on Wednesday to New record of $4.67 per gallonAccording to AAA.

That sends gas prices up 48 cents in the last month alone.

Filling your tank now costs 32% more than it did the day before Russia invaded Ukraine.

The average price for seven states is now $5 or more, with Illinois being the latest to join this unpopular club, according to AAA. New York and Arizona are just pennies off the $5 threshold. The average in California is now $6.19 per gallon.

No state has an average of $4.15 or lower, with Georgia coming in as low as $4.16.

Andy Lipow, president of Lipow Oil Associates, told CNN he expects the national average to reach $4.75 in the next 10 days.

Oil prices, the largest component of pump prices, continue to rise.

Brent crude, the global benchmark, rose 1% on Tuesday to close at its highest level in nearly three months. Brent crude rose 1.2% on Wednesday morning. The gains come after Europe agreed to phase out 90% of Russian oil imports by the end of the year.

The national average for regular gas is now 44 cents higher than it was on the day President Joe Biden announced the largest-ever oil launch of Strategic Petroleum Reserve In late March.
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