The cost on gas is approaching a high we have not seen in 14 years, since 2008. On Sunday, the average price for regular unleaded reached $4 a gallon.
According to the American Automobile Association, the price for a gallon of regular unleaded reached $4 on Sunday.On Sunday, the average for Texas was at $3.66 a gallon, according to AAA. The all-time record for Texas was $3.98 in July 2008.
GasBuddy has released a new outlook, predicting a new all-time record with prices continuing to rise through summer. "Seasonal factors including increased demand for gas, refinery maintenance and the switch to summer blend gas, on top of current geopolitical tensions, could propel prices upward of $4.25 per gallon by Memorial Day," according to a news release from GasBuddy.
Gas prices are on the rise for multiple reasons. University of Houston finance professor Craig Pirrong said the prices were already high because of supply chain issues and the pandemic. "Ukraine has exacerbated the situation and made it worse," Pirrong explained."To be honest with you, whether we stand with them or not, it's probably a secondary consideration. Just the war itself is having disruptive effects.""A lot of banks are saying, 'Hey, we're worried about being sanctioned. So, we're not going to lend the money.' That's why some Russian production is not reaching the market," Pirrong said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gas Prices Soar Past $4 In Philadelphia Region For 1st Time Since 2008Gas prices soar past $4 in the Philadelphia region for the first time since 2008. HMonroeNews reports.
Read more »
National Average for a Gallon of Gas Tops $4, the Highest Price at the Pump Since 2008Consumers are paying the most at the pump since 2008.
Read more »
When did gas prices last top $4 per gallon?How close are we to the record? And who's to blame?
Read more »
Gas prices surge above $4 a gallon in Macon CountyAs of Sunday, Macon County’s average gas price is $4.10/gallon, the highest in the state - according to data from AAA Alabama.
Read more »
A $4 million 'wrap' of Parliament's Centre Block really is an illusionA basic wrap of the scaffolding would be required to protect workers and keep out the elements would cost $1.5 million, with the additional costs for the…
Read more »
Average gas prices in Philadelphia area climb to around $4 per gallonGas prices continue to skyrocket in the Delaware Valley - and nationwide - as the average cost per gallon climbed between 11 and 15 cents overnight. The national average has risen to $3.83, according to AAA.
Read more »