(MENAFN) Retail gasoline prices in the United States have risen to new all-time highs, just in time for the customary start of the summer driving season, the Memorial Day holiday weekend.
According to AAA statistics, regular-grade gasoline prices increased to $4.60 per barrel on Thursday, May 26th and remained around that range on Friday. The average US fuel price has risen by 51% in the last year and by over 90% since President Joe Biden took office in January 2021.
Drivers in high-cost states are feeling the effects even more sharply. In California, for example, gasoline hit a fresh high of over $6.08 per barrel on Friday. Hawaii and Washington also established new state records, with average prices of $5.43 and $5.22 per gallon, correspondingly.
Diesel prices are even higher, averaging $5.53 a gallon on Friday, just a cent down than the all-time high of $5.57 recorded last week. Rising diesel prices, experts say, will have a rippling effect on the US economy since the fuel is used in trucks and trains that distribute most consumer items as well as farm equipment that generates America's food.
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