Alexei Izyumov, a professor of economics at the University of Louisville, predicts that the oil market will lead to even higher inflation and interest rates.
Pump prices rose 23 cents across the country during the week, despite efforts by several governments to quell the rise in oil.
Prices on Friday, up 11 cents from Thursday, saw the biggest daily increase since 2016, according to AAA data.
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The average price of a gallon of gasoline rose to $ 3.84, rising steadily during the week from $ 3.61 on Monday, according to AAA.
Prices are up $ 1.08 compared to last year, approaching an average of $ 4 per gallon of gasoline.
However, the last time the average national price per gallon of regular gasoline reached that mark was in 2008, when prices reached $ 4.11, according to the AAA.
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There were widespread fears that sanctions against Russia would threaten the global oil market, which is already facing limited supplies, and would ultimately lead to higher gas prices for American motorists.
This week, the United States and other countries agreed to release 60 million barrels of crude oil from stocks to stabilize supplies, but failed to allay concerns over Russia’s attack on Ukraine as oil prices continued to rise.
On Friday, oil prices exceeded $ 113 in trading.
The Associated Press contributed to this report.