(AP) – The national average price for a gallon of gasoline in the United States reached a record $4.17 on Tuesday as the country prepares to ban imports of Russian oil.
The average price rose 10 cents per gallon in a single day and has climbed 55 cents since last week, according to AAA data.
Gasoline inventories in the U.S. fell last week even as demand rose ahead of the summer driving season.
The rise in demand for gasoline and a drawdown in overall supply are contributing to higher pump prices, but the soaring price of crude oil is playing an increasingly important role.
The price of the U.S. benchmark crude rose about 8% on Tuesday to more than $129 a barrel.
Americans can expect the current pump-price trend to continue as crude prices rise, AAA said.
Copyright 2022 The Associated Press. All rights reserved.
