U.S. gasoline prices surged to another fresh record, the latest blow to motorists heading into the summer driving season.
Average retail prices in the U.S. reached $4.619 per gallon as of Monday, according to the latest data from the American Automobile Association. That’s up from $4.178 a gallon a month ago and is about 52% higher than a year earlier.
President Joe Biden has vowed to do everything in his power to fight record-setting gasoline and diesel prices, including releasing millions of barrels of oil from the U.S. Strategic Petroleum Reserve. However, costs have continued to rise, adding fresh pain at the pump for drivers.
Nymex gasoline futures also gained in trading on Monday morning, reaching as high as 403.33 cents a gallon — in what would be another record if they settled at that level. Crude benchmarks Brent and WTI also rose, buoyed by China easing lockdown restrictions and a European Union proposal to ban Russian shipments.