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National average price for a gallon of gas exceeds $4.10, breaking all-time record, GasBuddy says

Gas Prices
Posted at 8:15 AM, Mar 07, 2022
and last updated 2022-03-08 19:19:04-05

Gas prices in the U.S. are now higher than they've ever been, according to GasBuddy.

Patrick De Haan, an analyst for GasBuddy, tweeted Monday afternoon that the average price for a gallon of gas in the U.S. is now $4.104 per gallon, breaking the previous record of $4.103 set in 2008.

AAA, which records its own average, early Monday morning that the national average for a gallon of gas was $4.065.

While gas prices in the U.S. have exceeded $4 a gallon, AAA says prices are already much higher in some states. The average cost per gallon now exceeds $5.30 in California and is creeping toward $4.60 in Nevada.

Missouri currently boasts the lowest gas prices in the country, though motorists there are still paying $3.62 a gallon.

In Arizona, gas prices have climbed to record levels, with the average price on Monday at $4.12 for regular gas.

According to AAA Arizona, the previous record was set in 2008.

Today's average gas price is about 31 cents more than it was a week ago and about $1.12 more than it was a year ago.

Aldo Vazquez, the spokesperson for AAA Arizona, said usually heading into summer, gas prices tend to spike.

But there is an added combination of factors this time pushing prices to record levels. The biggest: the price of crude oil.

"Last week at its highest was at $110 per barrel. And even before the war between Russia and Ukraine started, it was pretty high at about $90 per barrel. As soon as the war started, we saw it jump t about $100 and it's been going up ever since," said Vazquez.

Oil prices have soared in recent weeks amid Russia's invasion of Ukraine. The war involves two of the world's largest energy exporters, and talks of a NATO ban on Russian energy exports Monday sent the price per barrel to more than $130, the highest levels since 2008.

There are also domestic factors.

"A rise in demand, especially as COVID-19 restrictions are going away and people are getting vaccinated and getting out... putting more pressure on an already tight supply," he said.

Vazquez said as long as those factors are at play, prices will keep going up. But by how much is unknown.

Gas prices are now approaching double the price they were at this time last year. In March 2021, the average cost for a gallon of gasoline was about $2.77.

De Haan recently predicted that gas prices will continue to rise in the weeks ahead.

"We could get to $4.25, maybe $4.50 a gallon," De Haan told Scripps politics reporter Joe St. George. "It could come as early as April Fools' Day."