The average price for a gallon of gas nationwide has reached the the $5 threshold, according to Thursday reports.
“According to GasBuddy, the national average has reached $5 per gallon,” said GasBuddy’s Patrick De Haan.
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Arizona’s skyrocketing gas prices once again reached record highs Tuesday, as the state’s average price per gallon nears $5.00.
According to the American Automobile Association (AAA), the average price for a gallon of gas in the Grand Canyon State was $4.95. One year ago, it was $3.12 per gallon.
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Phoenix residents are feeling the effects of the highest gasoline prices in American history, as Tuesday marked the first day that the city’s average price for a gallon per gas was $5.
According to the American Automobile Association (AAA), the average price per gallon of gas in Phoenix Tuesday was exactly $5, an 11 cent jump from Monday’s average of $4.89, and a 28 cent jump from last Tuesday’s average of $4.72. A month ago, the average price of a gallon of gas in the city was $4.56.
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The Department of Energy (DOE) announced Tuesday the release of millions of barrels of oil from the Strategic Petroleum Reserve (SPR) to combat soaring gas prices.
The DOE approved the release of 13.4 million barrels from its SPR, marking the second-largest exchange from the reserve and bringing the total amount of oil released from the cache to almost 40 million barrels.
Exchange contracts for the released oil have were awarded to seven companies. President Joe Biden authorized a plan in November 2021 to release 50 million barrels of crude oil from the SPR in a coordinated effort with China, India, Japan, South Korea and the U.K. to combat surging gas prices and assist in the COVID-19 pandemic recovery.
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