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3/7/22 - The National Average Price For Regular Gas Soars To $4.01

Monday, March 7, 2022 at 9:00 AM

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Gas prices go up and we will continue to pay higher prices due to the Russian invasion of Ukraine. Prices are up 11% compared to last week.

The national average price for gas has topped $4 a gallon for the first time in over a decade.

AAA says the record high for the national average is $4.11, set on July 17, 2008.

Patrick DeHaan with GasBuddy.com, says the national average could reach up to $4.10 by Tuesday.

In Michigan, gas ranges from $3.89 to $4.25 a gallon.

Many in California are paying around $6 a gallon and higher.

The record-breaking price increases are attributed to several factors - increased demand, a reduction in the oil supply and uncertainty in the market because of the Russian invasion of Ukraine.

“The market will likely continue to increase the price of oil as more sanctions are imposed on Russia. A potential ban of crude imports from Russia to the U.S. or other countries will likely cause prices to continue to rise to reflect more risk of disruption to tight global oil supplies,” AAA said.

 

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