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Gas Prices: Record highs with no end in sight

Gas prices continue to rise past record highs, with the average price in the U.S. at $4.37 per gallon on Tuesday.

car getting gas at the gas pump where gas prices are high

The is $0.25 higher than two weeks ago and $1.40 more than one year ago.

According to AAA, crude oil prices have a direct impact on gas prices.

One barrel was around $100 last week and this week is near $110.

How much have gas prices increased in 2022?

With Russia’s invasion of Ukraine, many countries are no longer purchasing crude oil from the country, increasing prices.

Domestic gasoline stocks are decreasing as the demand for gasoline barrels increases everyday.

President Joe Biden has released barrels from the reserve is Nov. and March to help keep prices down.

While it helped, prices still went back up.

Rising cost of diesel is driving up prices at the grocery store

The ultimate goal with President Biden is to switch away from fossil fuels and work with more energy efficient products.

Between the conflict in Ukraine and the high demand for gas, there will likely not be relief anytime soon for gas prices.

The summer will see high gas prices due to demand and the weather and need for travel rising.

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