U.S. gas prices hit record high

The average price of gas is now $4.37 per gallon.

Updated: May 10, 2022 - 10:13am

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The average price of gas in the U.S. hit $4.37 per gallon on Tuesday, according to AAA.

The new record-high price marks a 17-cent climb from last week and a 4-cent climb from the previous record high in March.

The number arrives despite some efforts from the Biden administration to lessen the financial burden on Americans paying soaring gas prices, including ordering the release of 180 million barrels of oil from the country's Strategic Petroleum Reserve.

The release is the single largest since the establishment of the reserves in the mid-1970s. The president has also encouraged oil and gas producers to ramp up energy production. Some producers are hesitant because they do not believe the elevated energy prices will last. Furthermore, despite the request, the administration remains locked in legal disputes pertaining to the sale of oil and gas leases to energy-producing states.

On average, Americans are reportedly paying more than $1,000 annually for gas since the day Joe Biden took office, and more than $700 annually since this time last year.