Gasoline and crude oil prices are on the rise again after the European Union approved an embargo on most Russian oil.
Today’s average price for regular gas at the pump is $4.622 per gallon, setting another record high, according to AAA’s daily survey. Last week’s average was $4.598 per gallon. Diesel eased slightly to $5.521 per gallon today from the week-ago average of $5.549 per gallon.
Crude oil prices jumped this morning after the European Union’s move against Russian oil exports. The embargo added to concerns about global petroleum supplies and will trigger fiercer competition for available oil stocks from elsewhere, The Wall Street Journal reported.
Brent and West Texas Intermediate crude rose to more than $119 per barrel this morning.
