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Mar 8, 2022 - Energy & Environment

U.S. gas prices hit record high

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Gas prices displayed on a sign at a gas station on March 3 in Roscoe, Illinois.

Gas prices displayed on a sign at a gas station on March , in Roscoe, Illinois. Photo: Scott Olson/Getty Images

The average regular U.S. gasoline price soared to a record high on Tuesday, hitting $4.173 per gallon, according to AAA.

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.
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