The average national gasoline cost spikes to $3.83 a gallon
Key takeaways:
- Gas costs are flooding, adding to inflationary worries across the U.S. economy.
- According to data from AAA, the federal average price for a gallon of gas was $3.83 on Friday, the most increase since Sept. 21, 2012.
- The climb arrives after U.S. crude oil struck the highest level since 2008.
The gas prices have climbed at the most elevated since 2008:
Gas costs are surging, with the nationwide average now at the most heightened in almost a decade. The quick rise is squeezing consumers’ wallets, and specialists say there may be a little end in sight.
According to data from AAA, the nationwide average for a gallon of regular gas was at $3.83 on Friday, the most increase since Sept. 21, 2012.
Prices are overgrowing, with Friday’s average about 11 cents a gallon past Thursday’s. Americans spend nearly 27 cents more than the prior week and 41 cents more than a month back.
In several places, customers are spending a lot more. In California, the state average is currently $5.07 per gallon.
The wave in prices has become a headache for President Joe Biden, whose government has promised for months that it’s working to fight high costs at the pump.
Growing oil prices are behind the spike. West Texas Intermediate crude, the U.S. oil example, outperformed $116 per barrel Thursday, the most increased level since 2008.
Russia’s attack on Ukraine and the next boycotts set against the nation’s economic sector are driving worries of supply shortages in what was already a tight market.
According to the U.S. Energy Information Administration, almost 50% of the price of gasoline is based on the cost of oil. Costs associated with refining, distribution, trade, and tariffs make up the rest of gas prices.