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California Pump Prices Rise to Record Before Thanksgiving Break

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Economy39 minutes ago (Nov 15, 2021 17:00)

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© Bloomberg. Fuel prices at a Chevron gas station in Pinole, California, U.S., on Thursday, Oct. 21, 2021. American drivers will continue to face historically high fuel prices as gasoline demand surged to the highest in more than a decade. Photographer: David Paul Morris/Bloomberg

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(Bloomberg) — Gasoline pump prices hit a record in California as the most populace U.S. state grapples with the worst of a nationwide surge in energy prices ahead of the Thanksgiving holiday.

Retail prices in the state of California were averaging $4.682 a gallon on Monday, the highest on record, according to AAA data. Californians typically pay more for gasoline than anywhere else in the U.S. because of higher taxes and a unique fuel blend used in the state. Nationally, prices at the pump average $3.415 per gallon.  

The Biden Administration is facing increased pressure to relieve rising energy costs by tapping the country’s strategic petroleum reserves or by banning U.S. crude exports. The President said he’s directed his top economic aides to focus on reducing energy costs, which he blamed for accelerating U.S. inflation. 

©2021 Bloomberg L.P.

California Pump Prices Rise to Record Before Thanksgiving Break

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