GasBuddy head of oil analysis Patrick de Haan says the top gas price is currently in the $4/gallon region amid tensions overseas.
The average US price per gallon of gasoline hit a new record high of $4,104 on Monday, beating the previous record of $4,103 set in 2008, according to data from GasBuddy.
“Americans have never seen such high gas prices and we have not seen such a fast and furious pace of growth,” GasBuddy head of petroleum analysis Patrick De Haan said in a statement announcing the news.
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“This combination makes the situation all the more remarkable and tense as crippling sanctions on Russia restrict their flow of oil, causing prices to skyrocket for all fuels: gasoline, diesel, jet fuel and more,” he explained. .
People fill up cars at a gas station in Los Angeles, November 15, 2021 | Getty Images
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“This is a terrible situation and it will not improve anytime soon,” De Haan continued. “High prices are likely to persist not for days or weeks, as was the case in 2008, but for months. GasBuddy now expects the national annual average to rise to the highest level ever recorded.”