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Gas prices hit a new all-time high of $4.71 nationally and seven states above $5 a gallon

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US gas prices have hit a new high of $4.71 just a day after hitting the record high as seven states end at $5 a gallon as inflation climbs.

The national average rose four cents overnight, driving drivers even more despair as gasoline prices continued to skyrocket and their wallets drained.

For the first time in history, the average price has crossed more than $4.00 in all 50 states.

President Joe Biden said at the White House on Wednesday: “There’s a lot going on right now, but the idea that we can push a button and cut gas costs isn’t likely anytime soon. Not even when it comes to food.’

The West Coast has been hardest hit with the biggest sticker shocks in California and Nevada, which still lead the country with the highest gas costs.

California is the only state to average over $6, with some highly populated areas, such as Los Angeles, seeing up to $8 at the pump. Nevada averages $5.36 while Hawaii, Washington and Oregon average $5.20.

Georgia and Arkansas lead for the cheapest average of $4.19 and $4.23 per gallon, respectively.

The northeastern part of the US can expect to see just under $5, with many just pennies away from hitting the mark.

The Midwest has a wide variety of ranges, many of which fall into the higher categories, ranging from $4.50 to $5.26. The Great Plains primarily experiences a mid-range price ranging from $0.4.36 to $4.77. The South has the cheapest gas, with the majority of states falling in the lowest average of $4.19 to $4.33.

The national average is up more than a dollar from a year ago, which stood at $3.04.

US gas prices hit a new high of $4.71 just a day after hitting the record high as seven states end at $5 a gallon

Gas prices have risen significantly since 2019 as the US continues to pull out of the pandemic economy

Gas prices have risen significantly since 2019 as the US continues to pull out of the pandemic economy

On average, consumers can expect to pay more than 30 percent from the day before Russia invaded Ukraine. It’s also more than 45 cents higher than the day President Joe Biden, 79, announced the largest oil release in late March.

As the US pulls out of the crowd of the pandemic and the summer travel season begins, the cost of almost everything continues to rise.

Food, gas and electricity have all risen, raising the country’s bills and dwindling summer vacation cash as families struggle to keep up with the ever-rising cost of inflation, which has only risen since Biden took office.

Prices recovered from the pandemic as home orders and business closures reduced demand for gasoline. A lack of supplies led to a gas shortage last summer, pushing US gas prices to their highest level in seven years.

Gas prices continue to rise, as do oil prices. Brent oil gained one percent on Tuesday and another 0.02 percent on Wednesday. It is creeping back to its highest prices in the past three months.

The percentage rose after Europe said it would phase out 90 percent of Russia’s oil by the end of the year as the Ukrainian war continues.

Crude oil now costs more than $115 a barrel due to “fear of further global supply restrictions” since the European deal, AAA reported.

Another reason gas prices continue to rise is the upcoming summer travel season and the “pent-up urge to travel” since the pandemic has halted many vacationers’ plans for the past two years.

However, a recent AAA survey suggested that 67 percent of motorists would consider staying closer to home if gas prices hit $4.50, which is what the majority of travelers are now experiencing.

Muted travel plans are “yet to be looked at,” according to an AAA spokesperson.

On Monday, a CNN Business pundit admitted Biden can do “very little” amid rising gas prices, despite the network insisting it is a “global problem” that needs “global solutions.”

California continues to lead the nation at an average of $6.23, with some pumps hitting $8 in Los Angeles (pictured)

California continues to lead the nation at an average of $6.23, with some pumps hitting $8 in Los Angeles (pictured)

The west and east coasts are the hardest hit.  The average in New York is $4.82, with some pumps - especially near the city - over $5 (pictured)

The west and east coasts are the hardest hit. The average in New York is $4.82, with some pumps – especially near the city – over $5 (pictured)

“The unfortunate reality for President Biden is that he can’t do much in the short term,” said CNN business correspondent Rachel Solomon.

She also said President Biden had exhausted his short-term solutions to high gas prices, including tapping the petroleum reserve.

She mentioned the start of the hurricane season and the millions in Shanghai, who are no longer in COVID lockdown, can tap into the question and would not help an already troubling situation.

Speaking to Monday’s CNN show, Solomon said she acknowledges the “pain is widespread” and seemed sympathetic yet realistic: “The options look pretty bleak right now,” she said.

“There’s very little a sitting US president can do in the short term to try and bring prices down.”

She continued: “We know that the energy secretary told our colleague Matt Egan last week that all options are on the table and so it remains to be seen what creative solutions they will find.”

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