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.