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Oil

US Fuel Prices Getting Closer to 2008 Record

11 May 2022

Fuel prices have climbed to record highs in the USA; the national average price for regular gasoline climbed to $4.37 a gallon Tuesday, up 17 cents in the past week alone.

The national average dipped to as low as $4.07 a gallon in April after the record-setting release of oil from emergency reserves and as oil prices cooled off. But as industry analysts predicted, that relief proved to be short-lived and minor.

Pump prices are up about 25 percent since Russia's invasion of Ukraine set off shockwaves in global energy markets. Real gas prices, adjusted for inflation, would need to climb above $5.30 to break the records set in 2008, according to the US Energy Information Administration.

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