Gas Costs Break 2008 Record, Now the Most Expensive in US
By: April Carson
Following its invasion of Ukraine, the cost of gas has surged to an all-time high, surpassing a previous all-time high that had stood for nearly 14 years.
According to AAA, the average national price for a gallon of regular gasoline stood at $4.17 as of Tuesday morning, marking the highest price ever, not accounting for inflation. It was up from $3.61 Monday and $3.07 a week earlier.
The previous record was set on July 17, 2008, when the price topped $4.11, according to AAA. When adjusted for inflation, this would equal roughly $5.25 today.
The cost of diesel has now risen to nearly $5, which is higher than any other point in the past 32 years. In July 2008, it hit $4.84 for the first time in history. The price of a gallon of diesel is now $4.75, more than twice what it was in October 2020.
The high gas prices are causing truckers to lose money, as well as making it difficult for farmers to transport their crops. The cost of fuel has also increased the cost of food and other goods.
The invasion of Ukraine by Russian armed forces is one of the primary drivers of rising prices, among other factors. Russia, according to Tom Kloza, chief global analyst for the Oil Price Information Service, is the world's second-largest oil producer behind the United States.
The most recent data show that gasoline costs are continuing to climb. Prices will probably average $4.25 in May and stay over $4 until November, according to GasBuddy, a fuel-savings app.
“The price of gasoline has never been higher in the United States, and we've never seen such a rapid rise in prices and rate of increase. That combination makes this problem all the more remarkable and tense, with punishing Russia sanctions restricting their oil supply, pushing up the cost of all fuels: gasoline, diesel, jet fuel, and more," GasBuddy's Patrick De Haan said Monday.
The chances of a $5 national average remain "somewhat remote," according to De Haan, but they are still a small one.
The most costly gas in the nation
California has the most expensive gasoline in the United States, with an average cost of $5.44 a gallon as of Tuesday, according to GasBuddy. The Golden State is the only one to reach more than $5 a gallon on average.
The most expensive county in the nation for gasoline is Mono County, which lies between Nevada and California and is known for its ski resorts. The average cost is $6.02.
The state average of $2.25 per gallon was not uncommon at many gas stations. In Los Angeles and San Francisco, typical gasoline costs more than $6 per gallon, with prices as high as nearly $7 in Gorda, a city on the coast about 140 miles south of San Francisco.
As of Tuesday morning, 28 states have average gas prices above $4. Only five states, South Dakota, Kansas, Missouri, Oklahoma and Arkansas, had averages below $3.80. Oklahoma has the cheapest gasoline in the country at $3.71 per gallon.
According to Yardeni Research, the average American family spent $3,100 on gas in 2021. However, because of the recent increase in gas prices, Americans could end up spending as much as $2,000 more this year, according to investment research firm estimated in a report.
This is the most expensive year for gas in the United States.
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About the Blogger:
April Carson is the daughter of Billy Carson. She received her bachelor's degree in Social Sciences from Jacksonville University, where she was also on the Women's Basketball team. She now has a successful clothing company that specializes in organic baby clothes and other items. Take a look at their most popular fall fashions on bossbabymav.com
To read more of April's blogs, check out her website! She publishes new blogs on a daily basis, including the most helpful mommy advice and baby care tips! Follow on IG @bossbabymav
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