The national average is now at its highest level in nearly a decade. The rapid ascent is pinching consumers pockets and experts say there may be little end in sight.
The national average for a gallon of regular gas stood at $3.83 on Friday, the highest since September 21, 2012 according to data fromAAA. Friday's average price is nearly 11 cents higher than Thursday's. The price of a gallon of gas has gone up by about 27 cents in the last week and 41 cents in the last month.
Consumers are paying more in some places. The state average is $5.07 per gallon.
The White House has been saying for months that they are working to combat high prices, and the jump in prices has become a problem for President Joe Biden.
The price of oil went up. The US oil benchmark, West Texas Intermediate crude, reached $116 per barrel on Thursday, the highest level since 2008. Russia's invasion of Ukraine and the subsequent sanctions levied against the nation's financial sector are prompting fears of supply shortages in what was already a tight market prior to Russia's war.
The price of oil makes up more than 50% of the cost of gasoline. The costs associated with refining, distribution, marketing, and taxes make up the rest of the price of gasoline.
The cure for high prices is high prices, and experts say that demand destruction is the only way to quell the surge in oil prices.
The number is based on the price of oil at $130 per barrel and the price of gasoline at $4.70 per gallon.
Patrick De Haan said the national average could top $4 later this month.
As we head to the peak of summer driving season, the effects of Russia's oil production or lack of it is likely to continue.
After jumping to the highest level since July 2008, gasoline futures settled 8% higher on Friday.
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