California’s gasoline prices are only two cents away from hitting an all-time high as fuel prices have soared nationwide just two weeks ahead of the Thanksgiving holiday.
Retail prices in the state of California were averaging $4.65 per gallon, just two cents shy of hitting the record high set in 2012, according to AAA data. Californians typically pay more for gasoline than anywhere else in the U.S. Nationally, prices at the pump are at averaging $3.42 per gallon, the highest in seven years.
President Joe Biden is facing increased pressure to relieve rising energy costs by tapping the country’s strategic reserves or by banning U.S. exports entirely. The President said he’s directed his top economic aides to focus on reducing energy costs, which he blamed for accelerating U.S. inflation.