Gas Prices Top $4 Per Gallon Amid Highest Jump in Crude Oil in a Single Week

Sharee B.

Gas prices have soared to heights unseen in over a decade with prices reaching past $4 dollars in the past few days. According to AAA, the last time prices were this high was in the summer of 2008.

Sunday showed prices to be forty cents higher than the same time last week with the national average sitting at $4.009 at the pump. The prices reflect sanctions from Europe and the United States as the Russia -Ukraine conflict continues, which has devastated hundreds of thousands of individuals.

Currently, Russia is responsible for the import of 30 % of European oil as well as 70% of its natural gas resources. The country also accounts for around 7% of gas in the United States, driving prices to the brink and bringing the price for a natural barrel of crude oil to $130 per barrel.

Banking analysts suspect that the conflict will leave a shortage of more than 5 million barrels and costs will continue to soar past record numbers by the end of the week. Gas monitoring company GasBuddy also predicts that the price will remain above the $4 dollar mark at least until the late fall.

"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," -GasBuddy Spokesperson

For now, many are bracing themselves to search for deals at the pump, while others prepare for cross-country travel in the wake of recently lifted mask mandates expanding across multiple states. As proposed Iranian talks are expected to quell the conflict, pricing may not return to normal for quite some time.

Comments / 29

Published by

I'm a personal finance writer providing articles related to your finances,economic issues, and money-saving deals. Feel free to drop me a line anytime.

Texas State

More from Sharee B.

Comments / 0