Gas prices hit new all-time high as EU considers blocking Russian oil, Biden keeps restrictions

Gas prices hit a new all-time high on May 10, 2022, amid rising inflation and President Biden's restrictions on oil and gas production.

According to AAA's average gas price calculator, the national average cost of a regular gallon of gasoline hit $4.374 on Tuesday, the highest ever according to AAA.

The prices come as the European Union edges toward oil sanctions on Russia amid the Kremlin's invasion of Ukraine. It also comes amid record-high inflation, with the consumer price index reaching 8.5% in March.

Gas prices have soared by 50% nationwide over the past year  (Getty...