US Fuel Prices Sharply Up Ahead of Memorial Day

Ahead of the holiday weekend that marks the beginning of the summer driving season in the U.S., gasoline prices have risen to fresh all-time highs.

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Data from the AAA motor club have revealed that fuel prices have increased by 51 percent in the last year and over 90 percent since President Joe Biden took office. On Friday, California marked the new all-time high, accounting for 6.08 dollars per gallon. Hawaii and Washington have hit their records with 5.43 and 5.22 dollars per gallon.

Also, by Friday, diesel prices had risen to 5.53 dollars per gallon across the country. Economists have said that the rise in diesel prices will hit the U.S. economy, as diesel is used for the trucks and trains that deliver most consumer goods and the farm equipment that produces the country’s food.

According to veteran energy economist Philip Verleger Jr., “people should be very concerned.” He has warned that diesel prices may rise to 10 dollars per gallon by the end of this summer, rising to “unimaginably high levels absent a significant economic slowdown.”

Washington has blamed Russia for the current fuel prices; on the other hand, Republican critics have pointed to his administration’s actions as he has banned a major pipeline project, delayed drilling permits, and suspended leasing of exploration prospects on federal lands.

Last March, the U.S. administration banned Russian oil imports as a retaliatory measure for the Russian special military operation in Ukrainian territory, which began last February 24.