U.S. gasoline prices reached another record high on Tuesday as Russia's war in Ukraine continues to roil oil markets.
The average cost of a gallon of regular fuel hit $4.374, from AAA. That's the highest ever, not adjusting for inflation, surpassing the previous record high of $4.331 a gallon set in March, soon after Russia's invasion of Ukraine.
A year ago, gasoline prices were trading at just under $3 a gallon, according to AAA.
The pain at the pump comes as the price of crude shot above $100 a barrel following Russia's invasion, and it has remained high since.
Global markets aside, U.S. gasoline prices typically rise during the summer months, due to increased demand and a more costly summer fuel blend.
That historic trend, mixed with volatility in global oil prices, is not a good sign for relief at the pump.
Biden tries to address soaring gas prices
Brent crude, the global benchmark for crude oil, was trading at $105 a barrel as of Tuesday morning.
Western Texas Intermediate, the main U.S. benchmark, trailed at $102 a barrel.
President Biden has been working to increase oil output in an effort to lower gas prices.
He's encouraging U.S. oil producers to , though with limited success. And he urged the oil cartel OPEC+ to increase its oil output, again, to little end.
The Biden administration also announced a historic release of 180 million barrels of oil from the country's emergency stockpile.
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