Gas prices in the United States may soon hit an all-time record high because of the Ukraine-Russia war, and those high prices might last for a while.
How high are gas prices?
The national average for a gallon of gas hit $4.06 Monday, which is the highest since July 2008, according to AAA.
- That national average for a gallon of gas will likely hit a new all-time record this week, according to Gas Buddy. The current record for the national average is $4.10 per gallon.
- In Los Angeles and San Francisco, gas prices recently hit $5 for regular fuel.
- Some stations are selling gas for $7 per gallon, according to AAA Gas Prices website.
Why are gas prices so high?
Increased demand for oil and a reduced supply are driving up gas prices.
- “There are few words to describe the unprecedented rise in gasoline prices over the last week, with massive spikes coast to coast in both gasoline and diesel prices, as oil prices jump to their highest since 2008,” Patrick De Haan, head of petroleum analysis at GasBuddy, told CNBC.
- “Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50,” he said.
How high will gas prices get?
Gas prices could reach $4.25 per gallon by Memorial Day, according to Gas Buddy.
- The current record for the national average is $4.10 per gallon.
When will gas prices go down?
The price of gas will likely drop after Memorial Day. The Gas Buddy’s 2022 Fuel Outlook predicts that prices will hit $3.78 by December 2022.