Gas prices sky-rocket for the 1st time since 2008

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Gas prices sky-rocket for the 1st time since 2008

NEW YORK (AP) — The price of regular gasoline broke $4 per gallon (3.8 liters) on average across the U.S. on Sunday for the first time since 2008.

Check out David Malpass says there will be alternatives to Russian Gas

During the first full week of Russia’s invasion of Ukraine, the price of regular gas rose by almost 41 cents, according to the AAA motor club.

That represents the second largest jump in average national prices in a week, GasBuddy reported.

“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,” Patrick De Haan, head of petroleum analysis for GasBuddy, said in a statement.

The all-time high for average gasoline prices was set in July 17, 2008 at $4.10 per gallon.

Neither President Joe Biden nor Congress has moved to ban the import of Russian oil or place energy sanctions on the country, which could have major global economic repercussions.

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On Sunday, California had the highest average price per gallon among U.S. states at $5.29, while Missouri had the lowest at around $3.60.

Gas tops $4 per gallon average, 1st time since 2008  The Associated Press – en Español

Also read Oil prices soar worldwide as Russia-Ukraine war rages

Brent leaps to almost $140 a barrel, the highest level since 2008.

The price of crude oil has jumped more than $10 a barrel and shares were sharply lower as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia.

Brent crude oil surged more than $10 early on Monday. Benchmark US crude was up nearly $9, at more than $124 a barrel.

The surge followed a warning from Russian President Vladimir Putin that Ukrainian statehood was imperilled as Russian forces battered strategic locations. A temporary ceasefire in two Ukrainian cities failed over the weekend, with both sides blaming each other. Read more.

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