The average regular-grade gasoline prices rose 22 percent over the past two weeks amid Western sanctions on Russia over its military operation in Ukraine which disrupted the global energy market.
The price shot up a whopping 79 cents over the past two weeks to a record-setting $4.43 per gallon, Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday.
Previously, the record high for gas prices was $4.11 per gallon in July 2008, according to Lundberg, which added the price at the pump is $1.54 higher than it was last year.
Lundberg also predicted that gas prices will probably remain high in the short term as crude oil costs skyrocket amid global supply concerns after Russia’s military operation.
In some parts of the US, gas has reached into the high $6 range, including in Los Angeles, where some gas pump prices have nearly hit $7 per gallon.
The San Francisco Bay Area saw the highest average price for regular-grade gas, at $5.79 per gallon, while Tulsa, Oklahoma had the lowest average, at $3.80 per gallon.
Diesel prices have also spiked, with the price up $1.18 over two weeks, averaging $5.20 a gallon. Diesel costs $2.11 more than it did a year ago.
The record-setting prices come after President Joe Biden announced a ban on Russian oil, natural gas and coal imports.
“We’re banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin,” Biden said in an address from the White House, adding that the decision was taken “in close consultation” with allies.
The announcement came as Western-allied nations work to cut off Russia from the global economy to punish President Vladimir Putin over the military action in Ukraine.
Last month, Putin ordered a “special military operation” in Ukraine’s Donbas region to “defend people” subjected to “genocide” there against government forces, stressing that Moscow has “no plans to occupy Ukrainian territory.”
Biden called the Russian action an “unprovoked and unjustified attack,” and the American media described it as the biggest assault on a European state since World War Two assault by Russia.
Source: Agencies (edited by Al-Manar English Website)
