"NEW YORK - In another blow to the US economy, prices at the pump soared to fresh record highs.

The national average price for regular gasoline climbed more than four cents on Tuesday to $4.37 a gallon, according to AAA. That takes out the prior record of $4.33 set on March 11.

The gas spike — prices are up 17 cents in the past week alone — will only add to inflationary pressures that have raised recession fears, rocked financial markets and soured Americans' views on the economy.

The national average dipped to as low as $4.07 a gallon in April after the record-setting release of oil from emergency reserves and as oil prices cooled off. But as industry analysts predicted at the time, that relief proved to be short-lived and minor."

Matt Egan reports for CNN May 10, 2022. [2]