The national average price of gasoline in the U.S. surpassed 2008's record on Monday, GasBuddy reported, not taking inflation into account.
The previous all-time high — $4.103 per gallon — was set in 2008. On Monday, amid the fallout from Russia's invasion of Ukraine, the national average hit $4.104 per gallon. Still, according to a federal inflation calculator, $4.10 in early 2008 would be well above $5 today.
The national average also is seeing its largest ever seven-day spike, 49.1 cents per gallon, according to the gas price tracking app. And the national average on Saturday surpassed $4 per gallon for the first time since 2008.
GasBuddy also reported that the national average price of diesel, which is now $4.63 per gallon, is also nearing a new record.
"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," Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement.
"It's a dire situation and won't improve any time soon," he added. "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."
Supplies of gasoline have been curbed due to sanctions against Russia, a major crude oil exporter, even as demand has remained strong. Russia's exports of about 5 million barrels per day of crude oil represents about 12% of global trade, AAA noted, citing Energy Information Administration data.
"Rising crude oil prices sent Michigan pump prices soaring to the highest prices since June of 2013," Adrienne Woodland, spokesperson, AAA-The Auto Club Group, said in a statement. "Pump prices will likely continue to rise as crude prices continue to climb."
