The National Average Price for a Gallon of Gasoline Officially Rises to More than $4, and Experts Say the Rise Could Continue
Less than two weeks after the initial prediction, the national average for a gallon of regular gas is over four dollars and currently stands at $4.17. Industry experts say that gasoline prices are likely to continue to soar, largely due to Russia’s ongoing invasion of Ukraine.
According to the latest report from AAA, the current average gas price of $4.17/gallon is the highest price ever in the US, surpassing the previous record high of 4.11 USD in July 2008. Additionally, current gas prices are believed to be rising even faster than they did during Hurricane Katrina 2005, when the storm made landfall on other oil rigs and refineries. each other along the Gulf Coast.
The alarming gain also includes a 10 cent increase from earlier this week – and a total increase of 55 cents from last week along with a combined increase of 63 cents since February 24.orderthat was the day that Russia invaded Ukraine.
Unfortunately, industry experts say that gasoline prices will not fall back to normal levels in the near future. “I think we’re going to hit $4.50 a gallon before it turns around,” said Tom Kloza, OPIS Global Head of Energy Analytics. The risk is how bad this gets, how long this goes on. Even $5 a gallon nationwide is possible. I couldn’t have predicted that before the fight started. ”
Meanwhile, wholesale gasoline prices also increased by 1 to 12 cents per gallon during trading earlier this week in various markets across the country, meaning those increases will be passed on to drivers at pump in a very short time.
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