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8 Mar, 2022 15:36

US gasoline prices hit record high

Average cost exceeds $4.17 per gallon
US gasoline prices hit record high

US gasoline prices have surged to an all-time high amid the rally in the oil market, fuelled by supply concerns over Ukraine-related anti-Russia sanctions.

The average gasoline price on Tuesday morning exceeded $4.17 per gallon (3.8 liters), according to data from the American Automobile Association (AAA), which tracks prices on over 60,000 gas stations across the country.

This is the highest average fuel cost in US history. The previous anti-record was recorded in 2008, when the cost of gasoline at US gas stations climbed to $4.11 per gallon.

The surge in prices at the pump comes amid skyrocketing oil prices.

Global benchmark Brent crude rose 7.3% on Tuesday, trading at $132.28 per barrel around 13:00 GMT. US benchmark West Texas Intermediate (WTI) crude spiked 7.6%, to $128.51 per barrel.

On Monday, both benchmarks surpassed the $130 per barrel threshold for the first time since July 2008 amid fears of a ban on Russian oil imports due to Moscow’s military operation in Ukraine, as well as delays in talks on a nuclear deal with Iran.

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