The average price for a gallon of gasoline in the U.S. hit a record $4.17 Tuesday as the country prepares to ban Russian oil imports.
The average price rose by 10 cents per gallon in one day, and it’s up 55 cents since last week, according to AAA data.
Gasoline stocks in the U.S. fell last week even as demand is on the rise with summer approaching.
The increase in gas demand and a reduction in total supply is contributing to rising prices at the pump, but skyrocketing oil prices are playing an increasingly large role.
The price of benchmark U.S. crude jumped 8% Tuesday to more than $129 per barrel.
Americans can expect the current trend at the pump to continue as long as crude prices climb, the AAA said.
