May 10, 2022 - Energy & Climate

Gas prices hit new all-time high

Jacob Knutson

A person buying gas at a station in Los Angeles in April 2022. — Photo: Patrick Fallon/AFP via Getty Images

The national average price for regular gasoline jumped to a new all-time high of $4.37 a gallon on Tuesday, breaking the previous record set in March by 4 cents, according to AAA.

Why it matters: The new record, which isn't adjusted for inflation, comes as rising prices put pressure on the Biden administration to help consumers. Diesel prices also hit a new high of $5.50 a gallon.

President Biden is expected to announce a new plan on Tuesday aimed at helping Americans mitigate the costs of inflation.
He will contrast his plans to lower costs for American families with those offered by congressional Republicans, Axios' Hans Nichols writes.

The big picture: The price of gas has remained high since Russia's invasion of Ukraine disrupted energy markets and drove up costs.

U.S. oil prices fell on Monday, though gas prices typically lag behind the price of oil.

What's next: The Bureau of Labor Statistics will release April's consumer price index on Wednesday morning.

An 18.3% jump in gas prices from February to March helped drive headline CPI to its highest annual rate since December 1981.

Go deeper: Biden to address inflation in speech Tuesday

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Gas prices hit new all-time high

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