The average cost for a gallon of regular gasoline hit a new national record on Tuesday morning, jumping 13 cents in one day.
The average cost of a gallon of regular fuel is $4.173, according to AAA. That price tops the $4.11 price for a gallon of regular gas set in the summer of 2008.
On Monday, the cost of a gallon of gasoline was $4.06.
Gasoline prices are driven by several factors, with the price for crude oil being the largest factor.
Crude prices have surged this week as the Biden administration said it may consider cutting off or restricting the amount of Russian energy exports the U.S. buys amid the ongoing Russian invasion of Ukraine.
“Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious. That combination makes this situation all the more remarkable and intense, with crippling sanctions on Russia curbing their flow of oil, leading to the massive spike in the price of all fuels: gasoline, diesel, jet fuel and more,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement.
“It’s a dire situation and won’t improve any time soon. The high prices are likely to stick around for not days or weeks, like they did in 2008, but months. GasBuddy now expects the yearly national average to rise to its highest ever recorded,” De Haan added.
The national average hit the largest ever seven-day spike in prices, with a gallon of gas going up 49.1 cents.
Gas prices were heading up before Russia’s invasion of Ukraine nearly two weeks ago, with analysts saying there was an increase in demand due to the lifting of COVID-19 restrictions around the world.
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