The national price of gasoline just hit a threshold not seen since 2008.
The American Automobile Association announced Sunday that the national price of gasoline is at $4.009 a gallon, the first time gasoline has reached that price since July 2008, when gas was $4.114 a gallon. The increase comes over a week after Russia invaded Ukraine, when gasoline cost $3.439 per gallon in early February.
A total of 18 states average $4 or greater for a gallon of gas. California currently has the highest price, at $5.288 per gallon, while Missouri sits at the lowest, with $3.599 per gallon.
CARD DECLINED: AMERICAN EXPRESS SUSPENDS OPERATIONS IN RUSSIA AND BELARUS
“This is not the end of it,” Tom Kloza, global head of energy analysis for the Oil Price Information Service, told CNN. “It’s absolutely out of control.”
Kloza said on Sunday that the all-time record for the national average of gas prices should be broken “this week.”
OPIS/AAA US gasoline average hits $4.009 gal today, highest price since July 24, 2008. Diesel reaches $4.52 gal. Both should break all-time records this week. For context, DJIA was 12,270 on 7/24/2008 and I Kissed a Girl by Katie Perry topped the charts. @AAAnews
— Tom Kloza (@TomKloza) March 6, 2022
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The United States and many European countries have placed sanctions on Russia over its invasion of Ukraine. Bob McNally, a former senior White House policy official during the George W. Bush administration, warned that banning Russian oil could cause the gas prices to go even higher.
