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Retail gasoline prices hit all-time record

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© Reuters. FILE PHOTO – Gasoline dripping from a nozzle in Somerville (Massachusetts), U.S.A, March 7, 2022. REUTERS/Brian Snyder

(Reuters) – The United States set a new record for gasoline retail prices on Tuesday. Prices are likely to continue rising in light of the United States’ move to ban Russian oil imports.

According to the American Automobile Association, Tuesday’s average retail gasoline price was $4.173. Some parts of the country have seen prices rise to $5 per gallon. This is an economic hit for the nation with the highest gasoline consumption.

In the wake of Russia’s invasion, Ukraine, gasoline prices have risen in recent weeks.

Russia has been subject to heavy sanctions by the United States of America and its allies. Russia exports between 4 and 5 million and 3 million barrels of crude petroleum daily, and is also the top exporter in terms of refined products.

Rising household costs can have a negative impact on the budget and make it more difficult for consumers to spend.

Biden administration is considering ban Russian imports. It and other countries are not doing this out of fear that it will cause high energy prices.

In 2021, the United States imported an average of 670,000 barrels of oil from Russia per day. This was mainly unfinished or partially finished oils.

Graphic: U.S. gas prices hit new record: https://fingfx.thomsonreuters.com/gfx/ce/zgpomzyelpd/Pasted%20image%201646737211177.png

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