The price of gas in the United States rose 11% over the past week to the highest since late July 2008, as sanctions crippled Russia’s ability to export crude oil following the invasion of Ukraine.
Prices for regular gasoline in the U.S. increased 11% from a week ago to $4.009 and 45% from $2.760 one year ago, a new average shows.
As of July 17, 2008, U.S. retail gasoline prices reached a record $4.114 a gallon, according to the Automobile Club of America. That was around the same time U.S. crude futures hit a record $147.27 a barrel.
California has the most expensive gas at $5.288 a gallon, followed by Hawaii ($4.695), Nevada ($4.526) and Oregon ($4.466).
On Sunday, gasoline futures reached a record price of $3.890 per gallon.
According to providers of gasoline price data, the price of gasoline in the U.S. has risen by 43 cents per gallon, reaching $4 for the first time in nearly 14 years, and is just 10 cents off the all-time record of $4.103.
Following Hurricane Katrina on Sept. 3, 2005, when gasoline prices jumped by 49 cents per gallon, this was the biggest weekly increase ever on the U.S. Gulf Coast.
As the United States and its European allies consider banning Russian oil imports, U.S. crude prices rose more than 12% to $130.50 per barrel late Sunday, their highest since July 2008.