Record High Gas Prices in the United States

The average price of a gallon of gasoline in the United States has reached a record high of $4.17, coinciding with the country's ban on Russian oil imports. The average price increased by 10 cents in one day, rising 55 cents from the previous week, according to data from the American Automobile Association. Gasoline inventories in the United States declined last week, even as demand rose with the approach of summer. The increase in demand for gasoline and overall supply shortages are contributing to the rising prices, but the significant surge in oil prices is playing an increasingly large role. The price of West Texas Intermediate crude jumped 8 percent on Tuesday to over $129 per barrel. The American Automobile Association stated that Americans can expect the current trend to continue as long as crude oil prices remain high. Oil market sources, citing data from the American Petroleum Institute, reported that crude oil inventories in the United States rose last week, while gasoline and distillate inventories fell. Sources, who requested anonymity, noted that crude inventories increased by 2.8 million barrels during the week ending March 4, while gasoline inventories decreased by about two million barrels, and distillate inventories dropped by 5.5 million barrels.