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The average price per gallon of gas increased to $4 on Sunday, the highest amount at the pump since July 2008, according to AAA.
Gas prices have resulted in consumers paying 40 cents more than a week ago and 57 cents more than a month ago. The underlying cost of oil accounts for more than 50% of gas prices and U.S. oil is trading at levels that hadn’t been identified since 2008, according to CNBC.
Reportedly, prices continue to increase due to a surge in crude oil prices amid Russia’s attack on Ukraine.
Although Russia is a key producer and exporter of gas and oil, consumers have been avoiding Russian products. 66% of Russian oil is struggling to find buyers, which has created supply fears.
President of Lipow Oil Associates, Andy Lipow, claims the next average price per gallon may increase to $4.50 as supply disruptions continue.
“Oil buyers are reducing their purchases of refined products from Russia causing Russian refineries to shut down,” Lipow said. “Dockworkers are refusing to unload vessels carrying oil and gas. Insurance rates are skyrocketing causing vessel owners to cancel ship bookings loading in Russia and this is also impacting on the ability of Kazakhstan to sell their oil.”
As prices continue to sharply increase, some are calling for the Biden administration to halt the federal gas tax.
The administration previously stated months ago that they are working on decreasing prices at the pump.
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