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U.S. Retail Gasoline Prices Surge to Highest Since 2014

  • Regular gasoline prices climb to $3.423 a gallon, AAA says
  • Jump comes as governments, central banks eye rampant inflation
Updated on

The average price of gasoline surged to the highest in more than seven years, posing a fresh challenge to U.S. President Joe Biden as he tries to combat surging fuel costs.

Regular gasoline rose to $3.423 a gallon, the highest since September 2014, according to data on the website of AAA. Oil prices are powering higher amid signs that demand is surpassing the market’s expectations and as constraints to supply crop up in some locations.