Sky-high gas prices prompts CEO to give 7K gallons away

Boch Enterprises CEO Ernie Boch explained on Wednesday that "crazy" high gas prices prompted him to give 7,000 gallons away to drivers who are dealing with accelerating inflation, which hit a new four-decade high in March. 

Boch, who runs an automotive company based in Massachusetts, told "Cavuto: Coast to Coast" on Wednesday that he noticed the escalating gas prices when he was filling up a friend’s tank and the price was $107. He said he wanted to do something to help struggling drivers facing the "crazy" prices. 

Boch said he contacted a Boston radio talk show host, who is a friend of his and who helped him promote his gas drive, which led to 552 cars being filled with 7,000 gallons of gas free of charge. 

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The CEO told host Neil Cavuto that the effort cost him $30,000. 

Boch called the promotion "April Fuels Day" and told Cavuto he would consider doing another gas giveaway in November and would call it "Tanksgiving." 

STAGFLATION RISKS GROW AS UKRAINE WAR FUELS EVEN HIGHER INFLATION

The March inflation data is the first to capture the full effect of the European war, which sent gas prices in the U.S. to the highest since 2008. 

Price increases were widespread in March with energy prices rising a stunning 11% from the previous month, now up 32% from last year. Gasoline, on average, costs 48% more than it did last year after rising 18.3% in March on a monthly basis as the Russian war in Ukraine fueled a rapid increase in oil prices. 

The national average for a gallon of gas continues to retreat, now at around $4.08, according to AAA, signifying a 24-cent drop from last month, when prices hit records.  

The association noted in a news release that the fluctuating price of oil continues to be the main factor influencing gas prices, adding that prices "will likely face downward pressure if oil prices stay below $100 per barrel."

Oil prices have fallen back on expectations of weaker demand after peaking above $130 per barrel last month due to anxiety about the disruption of supplies from Russia, the world's No. 2 exporter. 

However, on Wednesday, U.S. oil topped $100 per barrel as traders monitored Russia's tightening supply after Moscow said talks to resolve its invasion of Ukraine had come to a dead end.

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FOX Business’ Megan Henney contributed to this report.