Average gas prices in the U.S. reached a new record high Thursday, according to AAA’s gas price calculator, after Republican senators slammed the Biden administration for a “de facto ban on new drilling.”
The national average cost of a regular gallon of gasoline hit $4.589 early Thursday morning. This price topped Wednesday’s previous record of $4.567, which had beat Tuesday’s record of $4.523, which in turn had beat Monday’s record of $4.470.
The price comes as the European Union edges toward oil sanctions on Russia amid the Kremlin’s invasion of Ukraine. It also comes amid record-high inflation, with the consumer price index reaching 8.3% in April, hovering near March’s 40-year high. The price hike also follows the Department of the Interior’s cancellation of an oil and gas lease sale for over 1 million acres in Alaska’s Cook Inlet last week, which DOI attributed to a “lack of industry interest.” DOI also canceled two Gulf of Mexico leases.
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