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Gas prices jump to new record highs 

 May 1, 2022

In another blow to the US economy, pump prices soared to new highs.

Editor’s note: The above video is from a previous show and will be updated.

The national average price of regular gasoline rose more than four cents on Tuesday to $ 4.37 a gallon, according to the AAA. This breaks the previous record of $ 4.33 set on March 11th.
The rise in gas – prices up 17 cents last week alone – will only add to inflationary pressures that have raised fears of a recession, shaken financial markets and shaken Americans’ views of the economy.

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The national average fell to $ 4.07 a gallon in after a record release of oil from emergency stocks and as oil prices fell. But industry analysts at the time predicted that the relief would be short-lived and small.

Pump prices have risen by about 25 percent since Russia’s invasion of Ukraine sent shockwaves through global energy markets.

Real gas prices, adjusted for inflation, will have to rise above $ 5.30 a gallon to break the record set in 2008, according to the US Energy Information Administration.

However, the latest rise in gas prices will exacerbate current inflation problems and for the most part will not be reflected in Wednesday’s closely monitored inflation report.

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Some analysts fear even higher prices are coming. Andy Lipow, president of Lipow Oil Associates, told CNN on Sunday that he expects retail prices to jump to $ 4.50 a gallon next week in 10 days.

Gas prices are lagging behind in oil and the good news is that oil prices fell sharply on Monday, possibly easing some pressure from pump prices.

US crude fell 6 percent to $ 103.09 a barrel on Monday, its worst day since late March.

Aside from concerns over lockdowns in China for Covid, analysts said oil fell because it drifted into the dark on Wall Street as stocks fell. Crude prices were slightly lower on Tuesday morning.

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