U.S. retail gasoline and diesel prices at the pump hit a new record, according to the American Automobile Association (AAA). Soaring fuel prices come three weeks before the summer driving season begins, a challenge for the Biden administration and Federal Reserve as they combat the highest inflation in four decades. 

Across the board, fuel prices are at record highs: AAA's new data shows the average gasoline price at the pump hit $4.374 a gallon (as of Tuesday). The retail price of diesel fuel also hit a new record of $5.50.