Currently, gas prices have reached a 14-year high, and its rise will likely not stop any time soon.
The national average for the price of a gallon of gas reached $4.009, which is the highest it’s been since July 2008, as per AAA data.
The rise in demand coupled with the fall ins supply has caused a spike in prices at gas stations, according to AAA.
Given the recent price surge, Americans are now paying 40 cents more than what they did a week ago.
“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,” Patrick De Haan, head of petroleum analysis at GasBuddy, said.
“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,” he added. GasBuddy also predicted that gas prices will likely set a new all-time record within just a day.
AAA added that the worst may be yet to come since Russia’s invasion of Ukraine is making many people wary of critical supply shortages.
Over 50% of gas costs are based on oil prices, according to the U.S. Energy Information Administration.
Depending on where a person is located, they may already experience volatile upswings in prices. For example, in the states of Illinois, Indiana, Michigan, and Ohio, prices have spiked by 30 cents in just a week, per AAA data.
Meanwhile, California saw an average of $5.343 as of Monday, but there are stations that charge $6 or more per gallon of gas, according to De Haan.
“We’ve never been in this situation before, with this level of uncertainty,” he said.