US gasoline prices set new record

US gasoline prices set new record

Gasoline prices at the pump in the US hit a new all-time record on Tuesday, according to the American Automobile Association (AAA).

The average retail cost of a gallon of gas hit $4.374 early on Tuesday, the AAA said, surpassing the former record of $4.331, set in March.

The increase is mainly due to the high cost of crude oil, which was hovering near $100 per barrel last week and is now closing in on $110, the association explains on its website.

Futures of Brent crude, the main global benchmark, have actually dropped 7% since March 30. As a result,…

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