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Gas prices race back to near record highs

The national average for regular gasoline rose to about $4.32 Monday, a fraction of a penny shy...
The national average for regular gasoline rose to about $4.32 Monday, a fraction of a penny shy of the all-time high set on March 11.(Gray DC)
Published: May. 9, 2022 at 9:54 AM PDT
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(CNN) - Gas prices are flirting with record highs again – adding to inflation headaches.

According to AAA, the national average for regular gasoline rose to about $4.32 Monday, a fraction of a penny shy of the all-time high set March 11.

Gas prices have climbed 13 cents over the last week and stand well above the recent low of $4.07 a gallon.

Diesel prices are also spiking, adding another blow to the inflation outlook.

The national average for diesel hit another record of $5.54 a gallon Monday, which is up 22 cents in a week and 49 cents in a month, according to AAA.

Russia’s invasion of Ukraine in late February sent prices surging as investors braced for oil supply disruptions caused by the war and embargoes on Russian energy.

The Biden administration responded by unleashing a record amount of oil from U.S. emergency oil stockpiles, announcing March 31 that 1 million barrels a day would be released for six months.

The ongoing effort helped cool oil and gasoline prices off for a bit, but the relief was fleeting and relatively minor.

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