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US Retail Fuel Prices Hit Record With Driving Season Looming

  • Costlier motor fuel to drive inflation in world’s top economy
  • Surge comes despite large oil release from strategic reserves
U.S. average gasoline prices rose to $4.374 a gallon and diesel hit a record at $5.50.

U.S. average gasoline prices rose to $4.374 a gallon and diesel hit a record at $5.50.

Photographer: David Paul Morris/Bloomberg
Updated on

US retail gasoline and diesel prices rallied to a record just ahead of the nation’s summer driving season, a challenge for President Joe Biden and the Federal Reserve as they face the fastest inflation in decades.

Average gasoline prices hit $4.374 a gallon, according to the American Automobile Association. Diesel also hit a record at $5.55. The surge is set to add to inflationary pressures gripping the world’s biggest economy. The US summer driving season starts in about three weeks.