Gas Prices Soar, Setting Record High of $4.17

Number of the Day: The most relevant or interesting figure in personal finance

Number of the Day

That’s how expensive a gallon of gas was on Tuesday, a staggering 55 cents more than a week earlier and a record high since at least 2000, according to AAA. 

Prices at the pump have surged along with massive spikes in the price of the crude oil it’s made from following the Russian invasion of Ukraine. A U.S. ban on imports of Russian oil, announced Tuesday following days of de facto sanctions from around the world, has everyone worried about where we’ll find enough of the crucial commodity. Russia is the world’s third-largest oil producer.

“Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious,” said Patrick De Haan, head of petroleum analysis at GasBuddy, a gas price analysis company, in a commentary. “It’s a dire situation and won’t improve any time soon.”

Unless something drastic happens, the national average could hit $4.50 to $4.75 a gallon for gas and over $5 for diesel, according to Tom Kloza, global head of energy analysis at energy data company Oil Price Information Service. 

“There are no easy and simple solutions to what is clearly the 2022 Energy Crisis,” he wrote in a research note.

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  1. AAA. “AAA Gas Prices.”

  2. White House. “FACT SHEET: United States Bans Imports of Russian Oil, Liquefied Natural Gas, and Coal.

  3. Gas Buddy. “US National Average Price of Gasoline Hits New All-Time Record High.”

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