US summer driving season marred by new record-high gas prices

The American Automobile Association (AAA), a non-profit organization that monitors gasoline prices at over 60,000 gas stations across the United States, reported that the national gas prices set a new all-time high average record yesterday with regular unleaded gasoline climbing to $5.004 per gallon from $4.986 the previous day.

AAA stats show that the national average gas prices have now more than doubled since January 2021, when the average price of a gallon of gasoline in US was $2.39.

As expected, with the new record-high national average, the highest gas price in US was reported in California, with up to $6.43 per gallon, and the lowest in Georgia, at $4.46 per gallon.

With US inflation at four-decade high, current administration is struggling to curb the soaring gas prices, by ordering a massive release of fuel from US strategic reserves, suspending a ban on the sale of higher-ethanol blend gasoline throughout the summer driving season, and pushing major OPEC oil producers to increase the output.

US government efforts have so far yielded little to no results thwarted by the rebounding post-pandemic demand and Russian war of aggression in Ukraine hindering normal operations of global oil supply chains.

The decline in US refining capacity caused by the COVID-19 pandemic, with at least five oil refineries reportedly having been shut down, has also been a major factor in the current gasoline price surge.

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