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According to data collated by Anadolu Agency, gasoline prices in the United States continued to rise Thursday as consumer inflation reached its highest level in more than 40 years.

According to the American Automobile Association (AAA), the national average for normal gasoline was $4.318 per gallon, up from $4.252 on Tuesday, when it reached its highest level since July 2008.

Regular gasoline prices have risen 15.8 percent from a week ago when they were $3.728 a gallon.

According to the collated data, it marked a massive 24.2 percent monthly gain from $3.477 last month and a 53.4 percent increase from $2.815 a year ago.

California had the highest price of $5.694 per gallon, while Kentucky had the lowest price of $4.042 per gallon.

On Tuesday, US President Joe Biden announced an embargo on Russian crude oil, natural gas, and coal imports, which are some of the most important energy constituents in Russian state revenue.

Energy Secretary Jennifer Granholm declared the United States to be on “war footing” on Wednesday, telling energy executives, “that means you (are) generating more right now, where and if you can.”

“We’re in an emergency,” she said at the CERAWeek energy conference in Houston, Texas. “We need to responsibly enhance short-term supply where we can right now to stabilize the market and minimize harm to American families.”

According to the Department of Labor, annual consumer inflation reached 7.9% in February, the highest 12-month gain since January 1982.

Energy, gasoline, natural gas, and electricity indices were up 25.6 percent, 38 percent, 23.8 percent, and 9%, respectively, on an annual basis.

Crude prices, on the other hand, fell after Russian President Vladimir Putin stated earlier that his country is meeting all of its obligations to supply energy to Europe and other parts of the world.

Brent crude was down 1.9 percent at $109 a barrel, while US benchmark West Texas Intermediate crude was down 2.8 percent at $105.6.

Along with the United States and Saudi Arabia, Russia is one of the world’s three largest oil producers and exporters.

It is also a member of OPEC+, which includes the Saudi-led Organization of Petroleum Exporting Countries (OPEC) and its allies.

OPEC+ met on Wednesday and resolved to stick to their production increase plan of 400,000 barrels per day until April.

A protracted conflict in Ukraine, or its spillover into other regions, along with sanctions against Russia’s oil sector and exports, might drive up crude and gasoline prices even more.

However, rising energy prices are not solely due to crude oil prices; natural gas and Europe’s overdependence on Russia also play a role.

While the United States has boosted its liquefied natural gas (LNG) exports in the previous six years, Europe’s excessive energy dependence on Russia has recently become a significant focus of American energy policy.

While Europe imports roughly 40% of its natural gas from Russia, the United States plans to replace this with LNG exports.

In early 2016, Cheniere Energy, based in Houston, Texas, became one of the first American companies to export US LNG. It reached a deal with Engie SA of France earlier this week.

Engie has agreed to acquire around 0.9 million tons of LNG each year for a period of about 20 years, according to Cheniere.

This “reinforces the value the LNG market places in Cheniere’s commitment to climate and environmental efforts and underlines the need of a diverse and reliable long-term supply of natural gas for Europe,” it said.

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