Diesel Prices Have Skyrocketed So High That….

On Wednesday, the average price of a gallon of regular gas hit an all-time high of $4.40, up 3 cents overnight.

The price boost was the second consecutive day that gas prices in the United States reached new highs.

Gas prices have risen 18 cents in the last week, 29 cents in the last month, and $1.42 in the last year, the AAA reports. This week’s records surpassed the previous national high of $4.33 achieved on March 11.

California, Nevada, and Hawaii are among the states where gas costs more than $5 a gallon. Meanwhile, Oklahoma, Kansas, Arkansas, Missouri, Mississippi, and Georgia are among the states with average gas prices below $4 per gallon.

The rise in costs was attributed to lower global oil supplies and higher demand, the AAA cited.

AAA spokesperson Andrew Gross said in a statement:

“With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline. These prices are creeping closer to those record-high levels of early March.”

Crude oil prices soared from a low of $65 per barrel to a high of $119 per barrel between December 2021 and March 2022.

The sting that Americans are experiencing at gas stations is felt all over the world. For example, the Canadian Automobile Association says that gasoline touched a record high of $5.70 per gallon on Wednesday. The U.K. is showing a price of $7.69 per gallon.

The Foxbusiness reports:

Biden, last month, announced that the Environmental Protection Agency will allow the sale of E15 gasoline – gasoline that uses a 15% ethanol blend – across the country this summer. Biden has also moved to release 1 million barrels of oil per day from the Strategic Petroleum Reserve for the next 6 months. The president is also calling on Congress to make companies pay fees on idled oil wells and non-producing acres of federal lands, aiming to incentivize new production.

However, critics claim that Biden’s energy policies – restricting drilling on federal lands and blocking the completion of the Keystone XL pipeline – have created a “supply problem” in the market.

Diesel gasoline is also breaking records, with a gallon costing $5.55 on Wednesday.

Sources: Dailywire, Foxbusiness, Nbcnews