Average US Gas Prices Hit Record High

Headline Roundup March 8th, 2022

On Tuesday, gas prices in the U.S. hit a new national record as global crude oil prices surge following Russia's invasion of Ukraine. 

The average cost of a gallon of gas is now $4.17 — the highest ever recorded, according to AAA — and the price rise may continue.  Russia's war on Ukraine has raised global concerns about relying on gas from Russia, which as of 2020, was the world's third-largest producer of petroleum. Russia mostly exports petroleum to Europe, but also accounted for about 3% of U.S. oil imports in 2021. The U.S. is expected to announce a ban on Russian energy imports Tuesday, which experts say would probably have a minimal effort on domestic or global gas prices; if other major countries also ban Russian oil, the global market impact would be greater. Gas prices have already been climbing for months as supply struggles to keep up with the global demand for oil, which has been rapidly rising from early COVID-19 pandemic lows.

The record-high gas prices were covered prominently across the political spectrum. Left- and center-rated sources framed the recent rise more as a product of the Russia-Ukraine conflict; right-rated sources sometimes painted U.S. limits on fossil fuel drilling as a cause for the high prices.

From the Right
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energy, gas prices, Ukraine war, coronavirus pandemic

The national average of a gallon of gas in the United States hit a record high on March 7 as prices soar amid the Russia–Ukraine war.

The average price nationwide hit $4.104 on Monday, breaking the record of $4.103 set in 2008, according to GasBuddy.

The record came after the national average spiked 49 cents in just one week, breaking the previous one-week spike set in 2005, the gas-tracking company said.

“Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious,”...

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From the Left
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US drivers have never paid this much for gasoline. The price for a gallon of regular gas now stands at $4.17, according to AAA.

That breaks the previous record of $4.11 a gallon that has stood since July 2008.

As Russia continues its military offensive in Ukraine, gas prices are rising faster than they have since Hurricane Katrina slammed into oil platforms and refineries along the US Gulf Coast in 2005.

Gas prices rose 10 cents since early Monday, gaining three of those cents overnight, according to the Oil Price Information Service, the firm that...

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From the Center
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With gasoline prices at a 14-year high, it’s hard to imagine paying even more at the pump. Yet prices are only heading higher.

On Sunday, the national average for a gallon of gas hit $4.009, the highest since July 2008, according to data from AAA. 

An increase in demand along with a reduction in supply is quickly driving up prices at gas stations, the automotive group said.

With the recent rise, consumers are now paying 40 cents more than just a week ago.

“There are few words to describe the unprecedented...

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