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National gas price hits $4 for 1st time since 2008

The price of gas is just 10 cents less than the all-time record of $4.103 per gallon, GasBuddy reports.

BOSTON — Gas prices have surged across the country due to the Russian war on Ukraine and sanctions spoil Russia's ability to export crude oil, AAA reports.

This week, the national average price of gasoline reached $4 per gallon in the U.S. for the first time since 2008 during the Great Recession. The price of gas is also just 10 cents lower than the all-time record of $4.103 per gallon, GasBuddy reports

In the last seven days, gas prices have spiked nearly 41 cents. Friday, GasBuddy says, the daily rise of 15.8 centers per gallon was the "second largest daily rise ever." 

The last time gas prices rose this sharply, Hurricane Katrina ripped through the Gulf of Mexico in 2005 when gasoline cost 18.1 cents per gallon.

Diesel, on the other hand, sits at 22.2 cents per gallon, 6 cents higher than the previous record from 2013, GasBuddy says.

The price for gasoline sat under $3 per gallon until 2021, surging for the first time since 2014. 

Experts at GasBuddy expect the gasoline prices will continue to soar even through the summer. 

AAA reports an increase in the demand for gas mixed with a reduction in total supply is contributing to the increase in prices. However, the increasing oil prices "continue to play a leading role in pushing prices higher."

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