The average price of gasoline in the U.S. jumped above $4 a gallon for the first time since 2008, a clear sign of the energy inflation that’s hurt consumers since Russia invaded Ukraine.
Pump prices jumped 41 cents in the past week and are 10 cents away from the record of $4.103 a gallon, said Patrick DeHaan, head of petroleum analysis at GasBuddy LLC. Motor fuel has followed skyrocketing oil prices, which notched the biggest weekly gain in history as buyers avoid supplies from Russia, the world’s second-biggest exporter.
With prices emblazoned on fuel station signs throughout the country, the meteoric rise of gasoline won’t be lost on U.S. consumers already worried about inflation. The increase in fuel costs could add 1.3 to 1.5 percentage points to full-year inflation figures, according to Inflation Insights LLC.
“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,” DeHaan said in a statement. “Shopping and paying smart at the pump will be critical well into summer.”
Pump prices will likely set a new record in the next few days and could rise higher than $4.25 a gallon by Memorial Day, DeHaan said.
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