Average gas prices hits $4 per gallon for first time since 2008

WHAT YOU NEED TO KNOW:

• Gas prices surged to the highest level since 2008 on Sunday.
• The national average for a gallon of gas hit $4.009, according to AAA, which is the highest since 2008.
• Andy Lipow, president of Lipow Oil Associates, said the next stop for the national average is $4.50 a gallon.

Average gas prices in the U.S. have hit their highest point in over a decade. It already reached a nationwide average of $4 per gallon as of Sunday.

According to AAA’s national average gas price monitor, the average price for regular gasoline in the U.S. is now $4.009 per gallon, with states like California, Illinois, New York, Pennsylvania and Hawaii seeing the highest prices, hovering between $4.18 and $5.29.

Data from the U.S. Energy Information Administration (EIA) shows that the average price per gallon for regular gasoline in the U.S. hasn’t reached $4 since June 2008. It came close a few times in 2011 and 2012.

In California, average gas prices are the highest they have ever been, reaching $5.07, as KTVU reported.

According to a forecast from the Boston-based tech company GasBuddy, gas prices could rise up to $4.35 per gallon by May.

These rising gas prices come amid concerns over how a potential ban on Russian oil imports could further increase prices in the U.S. Though the White House has issued a series of harsh sanctions against Russia, it has so far allowed Russian energy imports to continue.

On Sunday, Secretary of State Antony Blinken said the U.S. was talking to European allies about a “coordinated way” of banning Russian oil imports while still maintaining sufficient fuel supplies for the world.

President Joe Biden said that tackling inflation — on gas and other commodities — was his “top priority” during his State of the Union address last week. 

Source: The Hill