U.S. gas prices hit record high
Driving the news: The record, which isn't adjusted for inflation, comes as Russia's unprovoked invasion of Ukraine continues to disrupt the markets and drive up energy costs.
- The relaxation of COVID restrictions across the country has also contributed to soaring prices as demand rises amid tight global supplies.
- Oil from Russia accounted for roughly 3% of U.S. crude oil imports, according to the American Fuel and Petrochemical Manufacturers (AFPM) trade association.
- In California, where gas prices are the most expensive in the country, prices have hit $5.444 a gallon, per AAA.
Between the lines: When factoring in inflation, gas prices remain cheaper on a historical basis.
- The all-time high of $4.114 a gallon set in July 2008 would be about $5.25 in January 2022, according to the Consumer Price Index's inflation calculator.