The national average of gasoline has surpassed $4 per gallon in the US for the first time since 2008 and is just below 10 cents of the all-time record of $4.103 per gallon. GasBuddy, the leading fuel savings platform, says that prices have spiked across the country due to the Russian Invasion of Ukraine, as sanctions have impaired Russia’s ability to export crude oil, spiking gas prices in the last 7 days by 41 cents.
As of Friday, the weekly rise in gas prices was the second largest ever, following the rise of .49 cents per gallon the week of September 3rd, 2005. Diesel soared to it’s largest daily gain ever of 22.2 cents per gallon. This is 6 cents higher than the previous record set in 2013.
The GasBuddy app expects that gasoline will continue to rise this summer as there will be an increased demand for gas, refinery maintenance and a switch to summer blend gas. Gasbuddy sees average prices going upward of $4.25 on average per gallon by Memorial Day. On Tuesday, gas in Taylorville was $4.03, Kincaid $4.19, Pana $4.19, and $4.19 in Shelbyville.
