US gasoline prices break record for 2nd day

By Ovunc Kutlu

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

The national average stood at $4.715 per gallon (3.785 liters) for regular gasoline, up 0.94% from $4.671 on Wednesday. It marked a 2.5% jump from last week's average of $4.6.

The new price is a 12.4% gain from $4.194 on a monthly basis, and up a whopping 55% from $3.041 a year ago, according to data compiled by Anadolu Agency.

The highest price was in the state of California at $6.213, followed by Hawaii and Nevada at $5.450 and $5.367, 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 inflation. Fed officials also signaled additional 50-basis-point hikes in June and July.