The national average price of gasoline set a new all-time record on Monday, blowing past the previous record that was set more than a decade ago in 2008.
“The national average price of gasoline in the U.S. today broke the existing record, rewriting the all-time high to today’s $4.104 per gallon,” GasBuddy reported. “The previous all-time high was set back in 2008 at $4.103 per gallon, just ahead of the U.S. Great Recession and housing crisis.”
GasBuddy, a platform that collects data on fuel prices to save consumers money, added that the price of diesel was “likely to break the record of $4.846 per gallon in the next two weeks.”
“In addition to setting a new all-time high, the national average is seeing its largest ever 7 day spike: 49.1 cents per gallon, eclipsing the 49.0 cent weekly rise after Hurricane Katrina in 2005,” the company’s statement continued. “On Saturday, the U.S. national average gas price surpassed $4 per gallon for the first time since 2008, and Friday’s spike alone came close to the record daily rise of 18 cents per gallon, increasing nearly 16 cents per gallon in one day. Diesel prices, however, did break records on Friday, as diesel soared to its largest daily gain ever: 22.2 cents per gallon, 6 cents higher than the previous record from 2013.”
Patrick De Haan, head of petroleum analysis at GasBuddy, said, “Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious.”
“That combination makes this situation all the more remarkable and intense, with crippling sanctions on Russia curbing their flow of oil, leading to the massive spike in the price of all fuels: gasoline, diesel, jet fuel and more,” he continued. “It’s a dire situation and won’t improve any time soon. The high prices are likely to stick around for not days or weeks, like they did in 2008, but months. GasBuddy now expects the yearly national average to rise to its highest ever recorded.”
