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National Average Gas Price Breaks All-Time Record High

GasBuddy reported that the former record-breaking national average gas price for gasoline was broken Monday by a new price at $4.104. The White House relied on foreign energy production to support American energy independence. Gas prices rose dramatically in 2021, and they have continued to rise amid Russia’s invasion. Gas Buddy reported:

The 2008 all-time record was set at $4.103 per gal, just ahead of the U.S. Great Recession. The national average diesel price is now at $4.63 per gal, which will likely surpass the record of $4.846 per gal in the next two weeks.

The national average saw its highest-ever 7-day increase of 49.1 cents per gallon. This is more than the 49.0c weekly increase after Hurricane Katrina 2005. Russia’s war against Ukraine has caused many gas price records to be broken. This has led to Western countries imposing severe sanctions on Russia to stop Russian crude oil exports to the global market.

The U.S. average gasoline price rose to $4 per gallon on Saturday. Friday’s spike was close to the record 18 cents per gal daily increase, which saw gas prices rise nearly 16 cents in one day. Diesel prices did however break records Friday as diesel rose to its highest daily gain in six years: 22.2 cents per gal, 6 cents more than the 2013 record.

Monday’s White House question asked if energy independence initiatives would lower American energy prices more quickly than unproven renewable energy theories. Jen Psaki, White House Press Secretary, stated that renewable energy theories would solve America’s energy crisis more quickly than opening the keystone pipeline or allowing oil leases to be made on public lands.

The Biden administration met secretly with Venezuelan President Nicolas Maduro over the weekend to discuss producing more oil for “energy security.” Venezuela is friendly towards Russia, China and Iran, which are America’s three greatest enemies.

Biden’s meeting in Washington with Maduro is likely to be a response the US dependence on Russian oil exports. This has had an impact on oil prices. Biden has changed his mind about sanctioning numerous Russian energy companies as a response to the invasion of Ukraine.

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