The national average price of gasoline set a new all-time record on Monday, blowing past the previous record that was set more than a decade ago in 2008.
“The national average price of gasoline in the U.S. today broke the existing record, rewriting the all-time high to today’s $4.104 per gallon,” GasBuddy reported. “The previous all-time high was set back in 2008 at $4.103 per gallon, just ahead of the U.S. Great Recession and housing crisis.”
GasBuddy, a platform that collects data on fuel prices to save consumers money, added that the price of diesel was “likely to break the record of $4.846 per gallon in the next two weeks.”
“In addition to setting a new all-time high, the national average is seeing its largest ever 7 day spike: 49.1 cents per gallon, eclipsing the 49.0 cent weekly rise after Hurricane Katrina in 2005,” the company’s statement continued. “On Saturday, the U.S. national average gas price surpassed $4 per gallon for the first time since 2008, and Friday’s spike alone came close to the record daily rise of 18 cents per gallon, increasing nearly 16 cents per gallon in one day. Diesel prices, however, did break records on Friday, as diesel soared to its largest daily gain ever: 22.2 cents per gallon, 6 cents higher than the previous record from 2013.”
Patrick De Haan, head of petroleum analysis at GasBuddy, said, “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,” he continued. “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 news comes after Democrat President Joe Biden claimed credit late last year for bringing down the price of gas by 7 cents.
“Two weeks ago, I announced new actions to help bring down gas prices,” Biden tweeted. “I was in Kansas City yesterday, where the average price of gas is down 20 cents compared to a month ago. Nationally, prices are down 7 cents and falling. We’re making progress, and we’re going to keep at it.”
Two weeks ago, I announced new actions to help bring down gas prices.
I was in Kansas City yesterday, where the average price of gas is down 20 cents compared to a month ago. Nationally, prices are down 7 cents and falling.
We’re making progress, and we’re going to keep at it.
— President Biden (@POTUS) December 9, 2021
The news comes after the price of oil skyrocketed on Sunday as the Biden administration reportedly began considering an embargo on Russian oil after Russia invaded Ukraine late last month.
“The cost of Brent crude, the international benchmark, rose about 10 percent, reaching $130 a barrel on Sunday evening,” The New York Times reported. “In early December, it cost about $65 a barrel.”
Billionaire entrepreneur Elon Musk said late on Friday that he supports increasing domestic oil and gas drilling to offset energy problems that the U.S. is facing due to policies from the Biden administration and the war in Europe.
“Hate to say it, but we need to increase oil & gas output immediately. Extraordinary times demand extraordinary measures,” Musk tweeted. “Obviously, this would negatively affect Tesla, but sustainable energy solutions simply cannot react instantaneously to make up for Russian oil & gas exports.”
This report has been updated to include additional information.