The cost for a gallon of gasoline reached an all-time high Tuesday just hours before Joe Biden is set to deliver a national address on his administration’s response to red-hot inflation and a looming recession.
From USA Today:
U.S. gas prices hit an all-time record Tuesday, and experts don’t anticipate prices to ease anytime soon.
The average price for regular gas in the U.S. was $4.37 per gallon on Tuesday, according to AAA. Diesel prices also hit a record high of $5.55 per gallon.
Tuesday’s price beats the previous record set in early March, after Russia launched its invasion of Ukraine. Adjusted for inflation, however, gas prices have yet to surpass the 2008 record, which would be more than $5 per gallon today.
The rising prices at the pump are compounding inflationary pressures for U.S. consumers. Inflation rates hit a 40-year high in March after the consumer price index jumped 8.5% annually.