US national average fuel price hits new record high

Washington: The US national average price for a gallon of regular fuel hit a fresh record high of $4.619, according to the American Automobile Association (AAA).

The national average gas price has increased 2.3 cents, or up 0.5 per cent from the past week, and 44.1 cents, or up 10.6 per cent from a month ago, Xinhua news agency reported citing the latest AAA data published on Monday.

The current price, which doesn’t account for inflation, is way above the previous record of $4.114 a gallon set in July 2008.

As of Monday, all 50 states and the District of Columbia have average gas prices over $4 a gallon.

California has the highest prices in the country, averaging $6.153 a gallon.

The AAA said earlier that gas demand may spike during the Memorial Day long weekend, as American drivers take to the roads for the holiday.

“If demand slows again following the holiday weekend, pump price increases could be limited as crude prices remain volatile.”

The West Texas Intermediate (WTI) for July oil delivery settled at $117.17 a barrel on the New York Mercantile Exchange on Monday.

The US crude benchmark has climbed roughly $41.48 per barrel, or 54.8 per cent, since the start of the year, partly driven by the Russia-Ukraine war.

The benchmark Brent-crude prices on the Intercontinental Exchange Europe have also risen over 50 per cent since the start of the year.

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