Gas Prices Top $4 A Gallon For The First Time Since 2008

The average price of gas topped $4 a gallon on Sunday (March 6), the first time it has reached that mark since 2008. According to American Automobile Association, the cost of gas jumped by 9 cents overnight and now stands a $4.01.

Since Russia invaded Ukraine 11 days ago, the cost of gas has increased by 13%.

The price of gas is above $4 a gallon in 18 states and Washington D.C., while Florida, Michigan, and Indiana are just half a cent below $4.

Not everybody in the country is seeing $4 gas. The price of gas in central states is $3.71 a gallon, with Missouri logging the cheapest gas in the country at $3.60.

Meanwhile, California has some of the highest gas prices in the country, with a statewide average of $5.29 a gallon.

The price is gas is likely to climb even higher in the coming days and is expected to surpass the record high of $4.11 a gallon, which was set in July 2008. Patrick De Haan, head of petroleum analysis for GasBuddy, suggested that gas prices could reach $4.25 a gallon by Memorial Day.

“This is a milestone that was hard to imagine happening so quickly, but with bipartisan support of severe sanctions on Russia, is not exactly surprising – it is the cost of choking off Russia from energy revenue,” he said. “As Russia’s war on Ukraine continues to evolve and we head into a season where gas prices typically increase, Americans should prepare to pay more for gas than they ever have before. Shopping and paying smart at the pump will be critical well into summer.”

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