US gas prices hit record high - Beacon

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Tuesday, March 8, 2022

US gas prices hit record high


After days of dramatically rising gas prices in wake of Russia's invasion of Ukraine, the national average for a gallon of gas is now the highest in United States history, breaking the record that stood for nearly 14 years.

"Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious," GasBuddy head of petroleum analysis Patrick De Haan said in a statement announcing the news.

As of Tuesday morning, the cost of regular gas in the U.S. is $4.17, according to AAA, up from $4.06 on Monday. Last week, the average cost was $3.60.

The previous national average high was $4.11, set on July 17, 2008, according to AAA.

The cost for diesel is also nearing the record of $4.84, which was also set in July 2008. The current price for a gallon of diesel is $4.75, over double what it was in October 2020.

While the current price of gas has broken a record, it is expected to rise throughout the year. The fuel-savings app GasBuddy projects prices will likely average $4.25 in May, and continue to be over $4 until November.

The most expensive county for gas is Mono County, which borders Nevada and is where the tourist destination Mammoth Mountain is located. The average price there is $6.02.

As of Tuesday morning, 28 states have average prices over $4. Only five states – South Dakota, Kansas, Missouri, Oklahoma and Arkansas – have averaged under $3.80. The cheapest state to get gas is Oklahoma at $3.71.

The relaxation of COVID restrictions across the country has also contributed to soaring prices as demand rises amid tight global supplies.

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