As war in Ukraine intensifies, US gasoline hits record $4.17

By MICHELLE CHAPMAN
AP Business Writer

The average price for gasoline in the US is hitting a record $4.17 per gallon as the U.S. bans Russian oil imports after its invasion of Ukraine. According to the AAA, the average price rose by 10 cents per gallon in one day, and it’s up 55 cents since last week. The all-time high was $4.10 per gallon in the summer of  2008 at $4.10 per gallon. The increase in gas demand and a reduction in total supply is contributing to rising prices at the pump,  but skyrocketing oil prices are playing an increasingly large role.  The price of benchmark U.S. crude jumped 8% Tuesday to more than $129 per barrel.