US gasoline prices break record for 3rd day

By Ovunc Kutlu

ANKARA (AA) – US gasoline prices climbed to an all-time high for the third consecutive day on Friday, according to figures from the American Automobile Association (AAA).

The national average stood at $4.761 per gallon for regular gasoline, up 0.97% from $4.715 on Thursday. It marked a 3.5% jump from last week's average of $4.599.

The new price is a 13.2% gain from $4.204 on a monthly basis, and up a whopping 56.5% from $3.042 a year ago, according to data compiled by Anadolu Agency.

The highest price was in the state of California at $6.246, followed by Hawaii and Nevada at $5.458 and $5.410, respectively.

Record prices are increasing inflationary pressures on the world's largest economy, where annual consumer prices in March climbed 8.5%, its largest gain in more than 40 years. That figure was at 8.3% in April.

The Federal Reserve has recently raised interest rates twice – 25 basis points on March 16 and 50 basis points on May 4 – to tame the inflation. Fed officials also signaled additional 50-basis-point hikes in June and July.

US President Joe Biden said Friday "there is no denying that high prices, particularly around gasoline and food, are a real problem for people."

"The price of gas is up $1.40 since the beginning of the year when (Russian President Vladimir) Putin began amassing troops at the Ukrainian border. This is the 'Putin price hike'," he told a news conference at the White House.

Biden noted that the US coordinated the biggest release of global oil reserves in history, with 240 million barrels, to boost the global supply and keep the prices from rising more, adding that he also directed the sale of gasoline in his country by using homegrown biofuels over the summer.