The average price for a gallon of gasoline in the U.S. has hit a record of $4.17 as the country prepares to ban Russian oil imports.
The national average rose by 10 cents per gallon in one day, and it’s up 55 cents since last week, according to AAA data. The previous high was set 13 years ago when the national average price hit $4.10 per gallon.
Rising gas prices come as President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter.
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