Gasoline prices saw the second largest daily spike ever on Friday rising 15.8c/gal; diesel saw its largest single day rise ever, spiking 22.2c/gal
The national average price of gasoline has just surpassed $4 per gallon in the U.S for the first time since 2008, and stands just 10 cents below the all-time record of $4.103 per gallon, according to GasBuddy, the leading fuel savings platform providing American drivers with the most ways to save money on gas. Prices have spiked across the country due to the Russian war on Ukraine as sanctions cripple Russia’s ability to export crude oil, spiking gas prices by nearly 41 cents in the last seven days alone.
As of Friday, the weekly rise in gas prices was the second largest ever, following the rise of 49 cents per gallon during the week of September 3, 2005. Yesterday’s daily rise of 15.8 cents per gallon was also the second largest daily rise ever, coming close to the record of 18.1 cents per gallon set as Hurricane Katrina tore through the Gulf 17 years ago. Diesel prices, however, didn’t share the same fate as gasoline, as diesel soared to its largest daily gain ever: 22.2 cents per gallon, 6 cents higher than the previous record from 2013.
Other notable gas price milestones:
June 8, 2008: $4/gal is seen for the first time
July 17, 2008: All time record high is set at $4.103 per gallon
May 12, 2021: $3/gal average seen for the first time since 2014
“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,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “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.”
GasBuddy expects that gasoline prices will continue to rise in the days ahead, and could be just days away from setting a new all-time record high and continuing to rise through summer. Seasonal factors including increased demand for gas, refinery maintenance and the switch to summer blend gas, on top of current geopolitical tensions, could propel prices upward of $4.25 per gallon by Memorial Day.
GasBuddy’s revised 2022 Fuel Price Outlook provides potential ranges for average prices in the U.S. and individual states.