US gas prices jump to record high $4.67 a gallon

By Matt Egan, CNN Business

Gas prices just took another big step in the wrong direction.

The national average for regular gasoline climbed by five cents on Wednesday to a fresh record of $4.67 a gallon, according to AAA.

That leaves gas prices up by 48 cents in the past month alone.

It now costs 32% more to fill up your tank than on the day before Russia invaded Ukraine.

Seven states now average $5 or higher, with Illinois becoming the latest to join that unpopular club, according to AAA. New York and Arizona are just pennies away from the $5 threshold. The average in California now stands at $6.19 a gallon.

No states have an average $4.15 or lower, with Georgia coming in at the lowest at $4.16.

Andy Lipow, president of Lipow Oil Associates, told CNN he expects the national average to hit $4.75 in the next 10 days.

Oil prices, the biggest component of pump prices, continue to move higher.

Brent crude, the world benchmark, gained 1% on Tuesday to close at the highest level in nearly three months. Brent is up another 1.2% Wednesday morning. The gains come after Europe agreed to phase out 90% of Russian oil imports by the end of the year.

The national average for regular gas is now 44 cents higher than on the day President Joe Biden announced the largest-ever release of oil from the Strategic Petroleum Reserve in late March.

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