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US Fuel Prices Soar as Russia Continues its Invasion of Ukraine

Minister of Foreign Affairs, Eamon Courtenay had sounded the alarm a few weeks ago, telling Belizeans that there would be significant increases in fuel prices and the cost of living. The jerk in the economy is being anticipated due to the Russian invasion on Ukraine. Countries like the USA are already seeing the impacts as the national average for a gallon of gas is now the highest in United States history, breaking the record that stood for nearly 14 years. As of this morning, the cost of regular gas in the U.S. is $4.17, up from $4.06 on Monday. The cost for diesel is also nearing the record of $4.84, which was also set in July 2008. The current price for a gallon of diesel is $4.75, over double what it was in October 2020. One of the main components of the rising costs is the ongoing invasion of Ukraine by Russian armed forces. Tom Kloza, chief global analyst for the Oil Price Information Service, previously told USA TODAY that Russia is the second-largest oil producer in the world, behind the United States. As is historically the case, California has the most expensive prices in the country, averaging $5.44 a gallon as of Tuesday. The Golden State remains the only state to average over $5 a gallon..