BOSTON (WREX) � The national average price of gas is the highest its been years and may set an all-time record.
Over the weekend, GasBuddy reported the national average surpassed $4 per gallon in the U.S. for the first time since 2008.Â
Prices have spiked across the country due to the Russian war on Ukraine as sanctions cripple Russia’s ability to export crude oil, spiking gas prices by nearly 41 cents in the last seven days alone, GasBuddy says.Â
“This is a milestone that was hard to imagine happening so quickly, but with bipartisan support of severe sanctions on Russia, is not exactly surprising - it is the cost of choking off Russia from energy revenue,� said Patrick De Haan, head of petroleum analysis for GasBuddy. “As Russia’s war on Ukraine continues to evolve and we head into a season where gas prices typically increase, Americans should prepare to pay more for gas than they ever have before. Shopping and paying smart at the pump will be critical well into summer.�
GasBuddy expects that gasoline prices will continue to rise in the days ahead, and could be just days away from setting a new all-time record high and continuing to rise through summer. Seasonal factors including increased demand for gas, refinery maintenance and the switch to summer blend gas, on top of current geopolitical tensions, could propel prices upward of $4.25 per gallon by Memorial Day.
Average gas prices:
- Illinois: $4.36
- Missouri: $3.71
- Kentucky: $3.87
- Tennessee: $3.90
