(ABC4) – On the evening of March 5, the national average of gas in the U.S. has officially surpassed $4 per gallon for the first time since 2008, when the all-time record high for gas was set at $4.103 per gallon.
According to GasBuddy, the leading fuel savings platform providing American drivers with the most ways to save money on gas, gas prices spiked 41 cents per gallon last week. On March 4, the national average rose by a whopping 15.8 cents. This climb was recorded as the second largest daily rise ever, following the 18.1 cent spike post Hurricane Katrina.
The recent surge in gas prices is a result of the Russian war on Ukraine as economic sanctions hinder Russia’s ability to produce cheap oil, as stated by GasBuddy.
Diesel prices have skyrocketed even more so. Recently, diesel prices struck its largest daily gain in history of 22.2 cents per gallon.
GasBuddy has suggested that gas prices will continue to rise, as seasonal factors and geopolitical tensions could drive gas prices upward of $4.25 per gallon by Memorial Day.
“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.”