The national average gas price has reached a record high and is expected to continue to rise as the US energy supply crisis rages.
The average price of a gallon of gasoline hit $4.45 on Saturday, according to AAA gasoline prices. Some states with above-average prices include California at $5.92 per gallon and Hawaii at $5.32.
The diesel also hit its own highest recorded cost at $5.56.
BIDEN ENDING MORATORIUM ON FEDERAL DRILLING LEASES WON’T HELP GAS PRICES FOR ‘MORE THAN A YEAR’: OIL EXPERT
The national average retail price for a gallon of regular gasoline reached $4.40. However, Andy Lipow, president of Lipow Oil Associates, estimated that the national average could soon reach $4.50 per gallon.
Before Russia was hit with sanctions for invading Ukraine, threatening the already tight global oil market, the national average was $3.53, according to Lipow.
GET FOX BUSINESS ON THE ROAD BY CLICKING HERE
the Biden Administration canceled one of the most high-profile oil and gas lease sales pending before the Department of the Interior as Americans face record prices at the pumps, according to AAA.
During his first week in office, President Biden signed an executive order temporarily suspending new oil and gas leases on federal lands. Administration resumed the new lease last month following legal challenges against the ban. The administration is appealing a ruling in which Trump-appointed Judge James Cain overturned the ban.