National Gas Prices Have Hit Highest Level Since 2008 at Over $4 a Gallon

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If you’ve gotten gas in the past few days, you may have suffered from sticker shock. Gas prices have risen sharply over the last week. This rise in price is partly due to the war in Ukraine, but Senator Richard Blumenthal also wonders if there’s some illegal price gouging going on.

Gas prices across the country are hitting above $4 per gallon. For example, in Hartford, Connecticut, residents are seeing an increase of approximately 59 cents per gallon since last week with the average price $4.28 per gallon. Down in Florida, gas prices are also increasing to $4 per gallon with many gas stations selling a gallon of regular for $3.99. Meanwhile, across the country in California, gas prices are topping $5 per gallon.

According to data compiled by GasBuddy, California and Hawaii are the states where gas is currently the most expensive. Both states are charging more than $4.85 for a gallon of gas. Much of the middle of the country is paying between $3.50 and $4 per gallon.

 

According to Patrick De Haan, the head of petroleum analysis at GasBuddy, “There are few words to describe the unprecedented rise in gasoline prices over the last week, with massive spikes coast to coast in both gasoline and diesel prices, as oil prices jump to their highest since 2008. Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50/gal. California could be heading for $5.50 per gallon with more stations charging $6 and beyond.” Haan added, “We’ve never been in this situation before, with this level of uncertainty. As we lose a major global producer under the weight of deserving bipartisan sanctions for invading a sovereign country, the cost is high. Americans will be feeling the pain of the rise in prices for quite some time, with little good news foreseen.”

Watch the video below to learn more about why the war in Ukraine is causing a bump in gas prices.

Senator Blumenthal wants to help combat the rising fuel costs. He plans to introduce the Gas Prices Relief Act which would reduce the price of fuel by 18.4 cents per gallon. In addition, during a press conference, he said, “I have urged the federal trade commission to begin a price gouging investigation because I fear that consumers many be victims of illegal over charging and profiteering.”

What’s the average price of gas where you live? Are rising gas prices going to impact your travel plans?