US Gas Price Rise Once Again. Here’s What You Need to Know.

As you might have already noticed while filling up your gas tank this morning, gas prices are significantly rising. 

Prices at the pump have now climbed 23 cents nationwide over the course of one just week.

Gas prices on Friday were raised to 11 cents since Thursday, if you happened to stop by a gas station, making this the single largest day jump since 2016, according to AAA data. 

Now let’s keep in mind that the average price for a regular gallon of gas has increased to $3.84, steadily climbing from $3.61 over the week, according to AAA data.

Compared to this time last year, prices have increased over a dollar inching closer to costing the big 4 while some states have exceeded $4 a gallon for a regular gallon of gas.  

The last time gas exceeded over $4 was in 2008, when the national average price for a regular gallon of gasoline hit $4.11, says AAA.

Drivers are fearful that sanctions placed on Russia would not only threaten the global oil market considering the already tight supply but the continuous increase on gas prices too.

While the United States and other countries have agreed to release 60 million barrels of crude from stockpiles to stabilize supplies, the attempt has failed to calm the worry over Russia’s attack on Ukraine as oil prices continue to soar.