Average gas price hits new record high on Tuesday

The average price of gas in the U.S. rose by 10 cents per gallon from Monday to Tuesday, hitting a record $4.17 per gallon as President Biden announced a ban on Russian oil, natural gas and coal imports in response to the country's invasion of Ukraine.

According to the American Automobile Association national average gas price monitor, the national average is up 55 cents per gallon since last week.

The record was previously set in July 2008 at $4.103 per gallon, though that record was also slightly surpassed on Monday, reaching $4.104 a gallon.

The price of benchmark U.S. crude oil spiked to more than $129 per barrel Tuesday, an 8 percent boost, and that number is expected to increase.

While the price of gas was already on the rise before Russia attacked Ukraine, primarily due to an increase in demand as states lifted COVID-19 restrictions, prices have only continued to surge since the invasion.

The rising gas prices come as Biden on Tuesday announced that the U.S. will ban Russian natural gas, oil and coal imports, likely causing prices to continue to rise.

"The United States is targeting the main artery of Russia's economy. We're banning all imports of Russian oil and gas and energy," Biden said in remarks from the Roosevelt Room.

"That means Russian oil will no longer be acceptable at U.S. ports, and the American people will deal another blow to Putin's war machine," he added.

Energy is a large portion of the Russian economy, making up more than half of the country's exports. It was the U.S.'s most significant import from Russia.