The average cost of a gallon of regular gasoline has exceeded $ 4 per gallon for the first time since 2008.
“As Russia’s war against Ukraine continues to evolve and we are heading for a season where gas prices are rising, Americans should be prepared to pay more for gas than ever before,” said Patrick De Haan. head of GasBuddy’s oil analysis, in a statement.
US crude rose from $ 5.21 to $ 120.89 a barrel in e-commerce on the New York Stock Exchange, while the world benchmark exceeded $ 130. The record high for oil prices was $ 147.50 in July 2008, according to Bloomberg.
During the first full week of the Russian invasion of Ukraine, the price of normal gas rose nearly 41 cents, according to AAA. California has the most expensive fuel in the U.S., with drivers in the state paying an average of $ 5.32 per gallon, according to GasBuddy. Oklahoma has the cheapest gas around $ 3.64.
The record high for gas prices in the United States was $ 4.10 in July 2008, according to Bloomberg. In the early hours of Monday, the average price of gas was 4 cents to reach that record, prompting an exclamation tweet from De Haan.
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“SKYROCKETING! The average price of gasoline is $ 4.06 / gallon, about 61.1 cents more than a week ago,” De Haan said in a tweet.
The average U.S. household spent $ 3,100 on gas in 2021, according to Yardeni Research. But the recent increase in gas could end up costing the U.S. up to $ 2,000 more this year, the investment research firm estimated in a report.
The Associated Press contributed to this report.
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