Gas Prices in the United States Have Never Been This High

Abhi Thakur

The effect of the Russia-Ukraine war has already started to show its magic across the globe. When it seemed inevitable that the war would result in the rise of gas prices, it has finally happened at last.
Gasoline Price hits a record $4.17 per gallon(Photo by New York Post)

According to AAA, the price of a gallon of normal gas is now $4.17. This beats the previous high of $4.11 per gallon, which was set in July 2008.

Gas prices are climbing faster than they have since Hurricane Katrina crashed into oil platforms and refineries along the US Gulf Coast in 2005, as Russia begins its military attack in Ukraine.

We must not forget that the US President, Joe Biden, and others had already warned that this conflict could result in increased gas prices.

According to the Oil Price Information Service, which gathers and calculates prices for AAA, gas prices have risen 10 cents since early Monday, with three of those cents gained overnight. The price data is dynamically produced using pricing information from 130,000 gas stations across the United States.

On Monday evening, OPIS reported that a new high of $4.14 per gallon had been set. However, several stations increased their prices later Monday and early Tuesday, bringing the average price to $4.17.

The $4.17 average indicates that the price has risen 55 cents per gallon in the last week and 63 cents, or 18 percent, since Russian soldiers invaded Ukraine on February 24.

According to Tom Kloza, the OPIS' worldwide head of energy analysis, gas price surges aren't going away anytime soon. In several locations around the United States, wholesale gasoline prices jumped between 1 cent and 12 cents a gallon in trading Monday. Those price hikes will be passed on to drivers at the pump in a timely manner.

"I think we'll hit $4.50 a gallon before it turns around," said Kloza. "The risk is how bad this gets, how long this goes on. Even $5 a gallon nationwide is possible. I wouldn't have predicted that before the fighting started."

Source: CNN

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