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Gasoline Prices Nationwide Broke Record on Tuesday

Consumers are now paying $1.41 more at the pump compared to last year.

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The national average gasoline price reached a record high Tuesday at $4.37, according to AAA data. Prices have had an accelerated increase in recent months.

According to media estimates, consumers are now paying $1.41 more at the pump compared to last year.

CNBC detailed that there are states in which Americans are already paying at least 6 dollars for gasoline. It said that in California, for example, the state average is now $5.84 per gallon. In the midst of this increase, the situation is expected to continue in the coming days.

Andy Lipow, president of Lipow Oil Associates, told CNBC that he expects gas prices to increase by 15 to 20 cents in the next few weeks. Lipow explained that citizens would eventually be paying $4.50 per gallon.

Rising gasoline prices and inflation

The situation takes place in the midst of an inflation rate that, according to El American, is 8.5 % annually during the month of March. Americans are facing a complex economic situation and analyst Juan Felipe Vélez explained that they are getting deeper into debt.

Vélez detailed that according to data from the Federal Reserve (FED), consumer debt in February grew by $40 billion, that is, they took almost 5 times more credit than in January and more than double what the Central Bank predicted.

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“Americans increased credit card borrowing by 20%. Borrowing for vehicle or student loans, among other longer-term credit, grew by 8.9%,” Velez said.

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