Gas Prices Set New Record And Are Expected To Keep Rising

The average cost of gasoline in the United States set a new record on Tuesday (March 8), jumping by 11 cents overnight to $4.17 a gallon, according to the American Automobile Association. The previous record was set in July 2008 when the cost of gas hit $4.11.

The price of gas skyrocketed since last week when the average cost of gas was just $3.60 a gallon.

Experts believe that the cost of gas will get even higher in the coming months as the Russian invasion of Ukraine drags on.

"Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious. That combination makes this situation all the more remarkable and intense, with crippling sanctions on Russia curbing their flow of oil, leading to the massive spike in the price of all fuels: gasoline, diesel, jet fuel and more," said Patrick De Haan, head of petroleum analysis at GasBuddy. "It's a dire situation and won't improve any time soon. The high prices are likely to stick around for not days or weeks, like they did in 2008, but months. GasBuddy now expects the yearly national average to rise to its highest ever recorded."

The new record comes on the same day that President Joe Biden announced a ban on all Russian oil, gas, and energy imports into the United States. During a speech at the White House, Biden admitted the ban would send gas prices even higher.

"Putin's war is already hurting American families at the gas pump since Putin began his military buildup on Ukrainian borders," Biden said. "And with this action, it's going to go up further. I'm going to do everything I can to minimize Putin's price hike here at home and coordination with our partners."