The average price for a gallon of gasoline in the U.S. hit a new record high on Tuesday, jumping 11 cents from the day before to $4.173 according to the latest numbers from AAA.
The previous record was $4.11 per gallon, set in July 2008. A year ago, the average cost for a gallon of gasoline was $2.77.
Oil and gasoline prices have been rising for several months, but the surge has accelerated amid Russia's ongoing war on Ukraine – and pain at the pump is expected to climb even higher.
|UGA||UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS||70.26||+2.44||+3.60%|
|USO||UNITED STATES OIL FUND L.P.||81.67||+1.32||+1.64%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||33.34||+0.60||+1.83%|
President Biden on Tuesday announced a ban on Russian oil imports to the U.S. in response to Vladimir Putin's aggression, amid pressure from both Republicans and Democrats in Congress following pleas to do so from Ukrainian President Volodymyr Zelenskyy.
Biden acknowledged that the move would "cost" the American people further, and said that the crisis "should motivate us to accelerate a transition to clean energy."
The Biden administration has taken criticism for its domestic energy policies restricting U.S. oil production, such as its moratorium on new oil and gas leases on federal lands. But the president signaled in his speech that there would be no easing of those policies.
"It's simply not true that my administration or policies are holding back domestic energy production. That's simply not true," Biden said.
"We're approaching a record levels of oil and gas production in the United States, and we're on track to set a record of oil production next [year]," the president said. "In the United States, 90% of onshore oil production takes place on land that isn't owned by the federal government."
Meanwhile, representatives from domestic energy firms argue that the Biden administration has created a regulatory environment that has stifled investments in the fossil fuel industry.
Critics have also urged Biden to allow construction of the Keystone XL Pipeline to resume, arguing that if he had not canceled the project on his first day in office that it could be operational by now and help ease domestic oil and gas prices.
FOX Business' Brooke Singman, Jessica Chasmar and Daniella Genovese contributed to this report.