US national average gas price hits new record high on Memorial Day

WASHINGTON - The US national average price for a gallon of regular gasoline hit a fresh record high of $4.619 on Monday, according to the American Automobile Association (AAA).

The national average gas price has increased 2.3 cents, or up 0.5 percent from the past week, and 44.1 cents, or up 10.6 percent from a month ago, the latest data showed.

The current price, which doesn't account for inflation, is way above the previous record of 4.114 dollars a gallon set in July 2008.

As of Monday, all 50 US states and the District of Columbia have average gas prices over 4 dollars a gallon. California has the highest gas prices in the country, averaging 6.153 dollars a gallon.

The AAA said earlier that gas demand may spike during the Memorial Day long weekend, as American drivers take to the roads for the holiday.

"If demand slows again following the holiday weekend, pump price increases could be limited as crude prices remain volatile," the AAA said in a statement.

The West Texas Intermediate (WTI) for July oil delivery settled at 117.17 dollars a barrel on the New York Mercantile Exchange on Monday. The US crude benchmark has climbed roughly 41.48 dollars per barrel, or 54.8 percent, since the start of the year, partly driven by the conflict between Russia and Ukraine.

The benchmark Brent-crude prices on the Intercontinental Exchange Europe have also risen over 50 percent since the start of the year.