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US Gasoline Price Hits Record $4.25 Second Day in Row, Automobile Association Says

© AP Photo / Rogelio V. SolisA customer reaches for the regular switch to fill her tank with the $2.92-a-gallon regular gas at a RaceWay gas station in Richland, Miss.
A customer reaches for the regular switch to fill her tank with the $2.92-a-gallon regular gas at a RaceWay gas station in Richland, Miss. - Sputnik International, 1920, 09.03.2022
WASHINGTON (Sputnik) - The price of gasoline in the United States has broken another record and reached $4.25 per gallon amid the anti-Russia sanctions in response to its military operation in Ukraine, according to data published by the American Automotive Association (AAA) on Wednesday.
The average price of gasoline in the United States increased by eight cents overnight, from $4.17 to $4.25 after the US government announced a ban on Russian energy imports on Tuesday.
This is the second record price increase this week - and the highest recorded average price - after the US gasoline prices reached an all-time high record of $4.17 per gallon on Tuesday. On Monday, the average price for regular gas was $4.065 per gallon, while a week ago it was $3.619.
Eurasia Center Vice President Earl Rasmussen said he believes the Biden administration's decision to sanction Russian energy imports will backlash on the United States economy and predicted skyrocketing prices for fuel in the near future.
“I have heard gasoline estimates between $7 and $10 per gallon by the end of the summer. Price of oil may sky rocket to nearly $300 per barrel, maybe more,” Rasmussen said. “A point to note is that Russia has yet to announce counter sanctions which will likely be ahead and will not be good. Buckle up for a potential catastrophic global economic collapse.”
The United States and its allies have imposed comprehensive sanctions against Russia in response to its special military operation in Ukraine. The sanctions have slowed but not entirely eliminated the ability of Russian exporters of oil and gas to transact deals that require world financial networks and especially US dollars.
Russia provides 10% of the world's crude oil needs and 40% of Europe's gas requirements. The United States, however, buys a limited amount of Russian oil, taking just 20% of the 10.5 million barrels per day exported by Russia in 2021.
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