CAMARILLO, Calif. — The typical U.S. value of regular-grade gasoline shot up a whopping 79 cents over the previous two weeks to a record-setting $4.43 per gallon (3.8 liters) as Russia’s invasion of Ukraine is contributing to already-high costs on the pump.
Trade analyst Trilby Lundberg of the Lundberg Survey mentioned Sunday the brand new value exceeds by 32 cents the prior all-time excessive of $4.11 set in July 2008. However that’s nonetheless fairly a methods from the inflation-adjusted document excessive of about $5.24 per gallon.
The value on the pump is $1.54 increased than it was a 12 months in the past.
Lundberg mentioned gasoline costs are more likely to stay excessive within the quick time period as crude oil prices soar amid international provide issues following Russia’s invasion of Ukraine.
Costs on the pump had been rising lengthy earlier than Russia invaded Ukraine as post-lockdown demand has pushed costs increased. Crude costs plummeted in early 2020 as economies world wide shut down due to COVID-19 — the value of futures even turned destructive, which means some sellers had been paying patrons to take oil. Costs rebounded, nonetheless, as demand recovered quicker than producers pulled oil out of the bottom and inventories dried up.
