• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. US & Canada
  4. Gas prices hit new record in US
US & Canada

Gas prices hit new record in US

  • By Al Mayadeen English
  • Source: Agencies
  • 11 May 2022 00:15
  • 2 Shares

Gas prices are rising in the US once again as the US keeps imposing sanctions on Russia over the Ukraine war.

  • Gas prices are on the rise in the US once again
    Gas prices are on the rise in the US once again

US gas prices skyrocket to new highs on Tuesday, as the fight against inflation goes on, with all attempts at curbing the rising prices ending frivolously.

The average price of a gallon of gas reached $4.37, the American Automobile Association (AAA) said, rising above the last record of $4.33 reached on March 11.

"Gasoline and diesel (hit) a record high today" in data that had not been adjusted to remove inflation effects, said Andy Lipow, an analyst at Lipow Oil Associates.  

Worldwide tensions and the global rise in crude oil prices have been driving up the cost of gas as "the world seeks to find alternative supply to Russian oil," he added.

Biden and his Vice President Kamala Harris, along with their pundits on American television, are telling US citizens to 'go green' and buy an electric vehicle, putting a band-aid on the core problem. 

On March 7, in the crosshairs of American and European sanctions on Russia and Russian companies, Harris dealt with the rising inflation and gas prices by bringing up "addressing the climate crisis." 

The record-high prices have been sparking outrage within the US, as they have reached a general 8.5% year-on-year price hike from March 2021. The situation and the outrage have pushed the Biden administration to make attempts at curbing inflation.

Biden on Tuesday assured Americans that his administration was "doing everything it could" to mitigate price hikes without hurting the economy.

Biden also reiterated that the United States would release one million barrels a day of oil from its emergency reserves to help drive down prices.

"Republicans have offered plenty of blame but not a single solution to actually bring down the energy prices," Biden said Tuesday as he tries to evade responsibility for the mistakes his administration made, such as the White House not opting to suspend the 18-cents-per-gallon federal tax to mitigate rising costs.

That would be "the quickest way to give the consumer some price relief," according to Lipow. "But other than that, there are very limited options that the administration can take to increase the supply of oil immediately and temper prices."

Projections show that gas prices will rise another 10 cents per gallon in the coming days, especially in light of the travel season kicking off in the summer in the country.

"We do anticipate very good demand as Americans take to the road having been stuck at home for most of the last two years," he asserted. 

The status-quo and the US sanctions on Russia have weakened US citizens' purchasing power, causing fuel prices to soar in the country with US oil prices reaching their all-time high following a ban on Russian fuel exports.

  • United States
  • Europe
  • Russia
  • Sanctions on Russia
  • war in Ukraine
  • Gas prices
  • Ukraine
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Trending Now

All
Russian top official: 'Our victory is near'

Russian diplomat to Al Mayadeen: 'New world is taking shape'

Most Read

The Middle East Stabilises, Against the Backdrop of a Great Unravelling

The Middle East Stabilises, Against the Backdrop of a Great Unravelling

  • Analysis
  • 28 May
In this image released by the Italian firefighters, a helicopter searches for missing passengers after a tourist boat capsized in a storm on Italy's Lago Maggiore in the northern Lombardy region, May 28, 2023 (AP)

Top Israeli intelligence official dead in Italy: Israeli media

  • Europe
  • 29 May
The domestically produced C919 passenger jet flies at the China International Aviation and Aerospace Exhibition in Zhuhai, Guangdong province, Peoeple's Republic of China, 8 November 2022. (Reuters)

China is set to launch first commercial flight on its C919 plane

  • Asia
  • 26 May
Saudi Arabia's Hawiyah Natural Gas Liquids Recovery Plant which is operated by ARAMCO. (AP)

Tensions between Riyadh and Moscow on the rise due to oil prices: WSJ

  • MENA
  • 28 May

Read this

All
Pop artist Andy Warhol in New York, the United States, 1976 (AP)
US & Canada

Art dealer sentenced to 25 months for selling fake Andy Warhol works

  • 1 Jun
Former President Donald Trump watches the first round of the LIV Golf Tournament at Trump National Golf Club, Friday, May 26, 2023, in Sterling, Va. (AP)
US & Canada

New tape leaked of Trump speaking of classified information: CNN

  • 1 Jun
Hamid Nouri
MENA

Hamid Nouri breaks record for solitary confinement in Sweden

  • 1 Jun
House Speaker Kevin McCarthy listens at a news conference after the House passed the debt ceiling bill at the Capitol in Washington, May 31, 2023 (AP)
US & Canada

Debt ceiling bill overwhelmingly passes US House

  • 1 Jun
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS