Gasoline prices are on pace to hit record highs across the country, with some regions already topping $5 per gallon with soaring costs exacerbated by the war in Ukraine.
The average price for a gallon of regular gasoline was $5.07 in California as of Friday, marking the highest recorded average in the Golden State, according to AAA.
Prices in other states weren’t far behind. If prices continue to rise at the current pace, a new national record could be reached in a matter of days.
The national average for regular gasoline sat at roughly $3.84, up more than 40 cents per gallon in the past month and more than $1 in the last year. The national average is just 27 cents away from eclipsing the highest recorded average of $4.11, which occurred in July 2008, per AAA.
Russia’s invasion of Ukraine only intensified the already-soaring prices at the pump. The U.S. imports more than 650,000 barrels of oil each day from Russia, purchases that lawmakers in Washington are pushing President Biden to halt as punishment for Russian President Vladimir Putin’s unprovoked war on Ukraine.
A Russian oil ban would further boost gasoline prices in the interim, energy market strategists have said. But it’s a consequence that lawmakers from both parties are prepared to accept.
The price of oil continued to rise Friday. WTI crude, the U.S. benchmark, was up nearly 3.5% to more than $111 per barrel in midday trading. Brent crude, the global benchmark, was up more than 3% to $114 per barrel.
Energy market experts warned that even before the war, regular gasoline prices were likely headed to as high as more than $6 per gallon.
• Ramsey Touchberry can be reached at rtouchberry@washingtontimes.com.
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