U.S. gas prices are rising at a record pace as Western sanctions on Russia’s financial and shipping industries cut off oil supplies from global markets and refineries struggle to keep up with surging demand.
The average price per gallon of unleaded gasoline jumped 9 cents at domestic service stations Friday to $3.84, according to AAA, after increasing by 7 cents Thursday. A week ago, drivers paid 26 cents less on average per gallon.
It’s the largest short-term price spike AAA’s data have ever recorded, spokesman Devin Gladden said. Its price-tracking records date to 2000.
More price hikes could be in store. Some analysts predict that oil could reach $130 per barrel. RBOB gas, a benchmark for pretax refined gasoline, traded close to $3.50 per gallon Friday up from $3.30 on Thursday. Crude oil Friday afternoon traded for more than $112 a barrel, its highest mark since 2008. (H/T Washington Post)