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The average American motorist will pay a record price at the pump on Tuesday as the Russian invasion of Ukraine disrupts global energy shipments and gooses the cost of gas.
The national average price of a gallon of gasoline was $4.17 as of Tuesday morning, according to AAA data. The latest numbers shatter the previous record of $4.11 established in July 2008.
Analysts are warning that prices could get even worse in the days ahead – especially if geopolitical tensions between Russia and Western nations escalate.
“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,” Gas Buddy
analyst Patrick De Haan said. He added that Gas Buddy “expects the yearly national average to rise to its highest ever recorded.”
Rising energy costs are a key factor driving red-hot inflation in the US economy. Economists expect the upcoming Consumer Price Index to show inflation rose 7.8% in February – the highest rate in decades.
US gas prices have surged at a shocking rate. The national average was hovering at roughly $3.46 just one month ago and was just $2.77 per gallon one year ago.
Drivers living in high-tax states are facing the steepest bills. California has the highest statewide average, with prices already up to $5.44. In New York, the statewide average is $4.37 – also well above the national average.
As The Post previously reported, some analysts say US gas prices could soon reach $5 per gallon – and potentially far beyond.
The US oil benchmark was trading above $122 per barrel this week. Oil is expected to surge much higher if the US bans Russian oil and gas imports, further impacting an energy market that has struggled to meet demand during the COVID-19 pandemic.
Meanwhile, a top Kremlin official claims oil will hit $300 per barrel if the US and Europe proceed with a ban.
During his State of the Union address earlier this month, President Biden warned that the Russian invasion of Ukraine would have “costs around the world.”
Biden pledged to “use every tool at our disposal to protect American businesses and consumers” and has already authorized the release of tens of millions of barrel from the Strategic Petroleum Reserve. But so far, those steps have done little to alleviate pressure on US households.
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