Average US Gas Prices Hit All-time High

Headline Roundup May 10th, 2022

The average U.S. price of a regular gallon of gasoline hit an all-time high of $4.374 on Tuesday, according to AAA.

The record high, which is not adjusted for inflation, comes as U.S. consumers continue to grapple with high prices, and as the European Union moves closer to agreeing on Russian oil sanctions. 

Critics, especially those on the political right, claim that Biden's policies of blocking the completion of the Keystone XL Pipeline and restricting some drilling on federal lands have created a supply problem in the market. Other sources point out that the all-time high gas prices will only add to the the inflationary pressures that have increased fears of a recession, souring American's views on the economy and shaking financial markets.

From the Center
energy, gas prices, inflation

Gasoline prices surged to the highest level on record Tuesday as oil holds steady above $100 a barrel, contributing to inflationary pressures across the economy.

The national average for a regular gallon of gas hit an all-time high of $4.374 on Tuesday, according to AAA. The price is not adjusted for inflation.

Prices have been rising at a fast clip, with the ascent accelerating after Russia invaded Ukraine, sending energy markets reeling.

The national average crossed above $4 in March for the first time since 2008, and has remained above ever since.


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From the Left

In another blow to the US economy, prices at the pump soared to fresh record highs.

The national average price for regular gasoline climbed more than four cents on Tuesday to $4.37 a gallon, according to AAA. That takes out the prior record of $4.33 set on March 11.

The gas spike — prices are up 17 cents in the past week alone — will only add to inflationary pressures that have raised recession fears, rocked financial markets and soured Americans' views on the economy.

The national average dipped to as low as...

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From the Right

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...

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