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U.S. Gas Prices Continue Their Historic Surge

This is a syndicated repost published with the permission of Statista | Infographics. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Americans are plagued by inflation in many different ways, but gas prices are certainly one of their worst headaches. The average price of one gallon of regular (all formulations) reached a new all-time high for the sixth week in a row on Monday, climbing to $5.00 for the first time ever. Over the past twelve months, gas prices have surged by more than 60 percent, leaving millions of Americans who rely on their car with unprecedented pain at the pump.

The previous record, dating back to July 2008, was first surpassed on March 14 following the Russian invasion of Ukraine. After the initial shock, prices briefly cooled, but as embargoes of Russian oil were put in place in the U.S. and later in the EU, prices started climbing again with seemingly no end in sight.

According to the U.S. Energy Information Administration, gas is currently most expensive in several U.S. states and cities on the West Coast, with the average price of regular gasoline hitting $6.27 in California and $6.38 in San Francisco specifically.

This chart shows the average weekly price of gasoline in the U.S.

average weekly price of gasoline

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