News US Economy News Gas Prices Break New Record After Brief Reprieve Off the Charts: The Visual Says It All By Terry Lane Terry Lane Terry has 25 years experience in journalism and communications, reporting on a range of topics that include personal finance, telecommunications, Congress, government regulations, and criminal justice. He has also worked on technology, energy, and environmental policy issues as a congressional press secretary and owned and published a local community newspaper in North Carolina. learn about our editorial policies Updated on May 10, 2022 Photo: Kosamtu / Getty Images U.S. gas prices reached a new record high Tuesday, erasing the modest relief seen in April. Higher oil prices and increasing demand for gas pushed the average national price to $4.37 a gallon, according to data from AAA. As the chart below shows, the average has now surpassed the previous high of $4.33—fallout from Russia’s invasion of Ukraine. The price of crude oil, which accounts for more than half the price at the gas pump, reached almost $110 a barrel last week after falling below $100 in late April. (As of Tuesday, it was back down around $100.) Those increases as well as rising demand and lower supplies of gas have been pressing pump prices higher, AAA said. The national average for gas was $3.54 a gallon when Russia invaded Ukraine on Feb. 24. Sanctions against Russia proceeded to take as much as 3 million barrels of Russian oil off the market per day, increasing international oil demand and pushing prices higher. After the White House released oil saved in strategic reserves in late March, prices began to drop, but the downward trajectory was short-lived. Note The recent trajectory for diesel fuel, also made from oil, is even worse. Diesel, which powers the economy by fueling the trucks, ships, and planes that transport much of the country’s goods, has been breaking new records daily and hit $5.55 a gallon on Tuesday. Have a question, comment, or story to share? You can reach Terry at tlane@thebalance.com. Want to read more content like this? Sign up for The Balance’s newsletter for daily insights, analysis, and financial tips, all delivered straight to your inbox every morning! Was this page helpful? Thanks for your feedback! Tell us why! Other Submit Sources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. AAA. “AAA Gas Prices.” Yahoo Finance. “Crude Oil Jun 22 (CL=F) Stock Price, News, Quote & History - Yahoo Finance.” AAA. “Hitting the Gas: Pump Prices Surge as Oil Gets More Expensive.”