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US gasoline prices hit record high – RT Business News


The cost of gasoline at gas stations across the United States hit a new all-time high on Friday, according to the American Automobile Association (AAA).

The average retail price for a gallon of gasoline (3.785 liters) jumped to $4,432, said the AAA, which tracks prices at more than 60,000 gas stations across the country.

The highest gas prices in the country have traditionally been in the state of California, where motorists will pay an average of $5,872 per gallon for fuel.

Gasoline prices in the United States continued to rise throughout the week. The increase comes amid rising global oil prices as attempts by the White House to counter them have failed.

The price of global benchmark Brent crude futures hit $109.97 a barrel around 13:45 GMT on Friday, gaining 2.35%. US benchmark West Texas Intermediate (WTI) crude gained some 2.5%, climbing to $108.78 a barrel.

Global fuel stocks have shrunk as demand has returned to pre-Covid-19 pandemic levels, while production has yet to be able to catch up. The Ukraine crisis, which prompted the US to impose an embargo on Russian oil and sparked talk of similar measures in the EU and UK, has also added proverbial fuel to the fire. Russia is the world’s third largest oil producer and the world’s second largest exporter.

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