May 10, 2022 - Energy & Environment

Gas prices hit new all-time high

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.

Go deeper: Biden to address inflation in speech Tuesday

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