Gas prices hit new all-time high
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