U.S. gas prices climbed to an all-time high

According to AAA, the national average price for a gallon of regular gasoline hit an all-time high of $4.374 on Tuesday after rising by 5 cents overnight.

AAA reports that gas prices have climbed by 17 cents in the last week, 26 cents in the previous month, and $1.41 in the last year. The record established on Tuesday surpassed the previous national high of $4.33, which was set on March 11.

Several states, including California, Nevada, and Hawaii, have average gas prices that are more than $5 per gallon. There are still a few states where the average price of gas is below $4 per gallon, including Oklahoma, Kansas, Arkansas, Missouri, Mississippi, and Georgia.

The AAA attributed the rise in prices to a drop in global supply and an increase in demand.

In the period from December 2021 to March 2022, the price of crude oil increased dramatically, rising from a low of $65 a barrel to a high of $119 per barrel.

Diesel fuel is also continuing to hit new records, with a gallon of diesel reaching $5.50 on Tuesday.