Average Price Per Gallon of Gas Crosses $4 Mark, Highest Cost Since 2008

By Kurt Stolz on 6 March 2022
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A filling station in New York City on Saturday

The price drivers are paying for a gallon of regular gasoline at the pump is at the highest level since 2008.

The Automobile Association of America reported on Sunday that the average cost per gallon was now over $4, as did GasBuddy, a site that tracks such information.

The price of premium fuel has increased in lockstep.

A Frequent Business Traveler staff member based in New York City reported paying $4.59 per gallon for premium on Saturday, a $0.60 increase over what he paid nine days earlier at the same filling station, when the cost was just $3.99 per gallon.

The average price per gallon for regular in California is now $5.28, the nation’s highest.

The dramatic increase in fuel prices comes after a surge in the price of oil amidst Russia’s invasion of Ukraine.  The underlying cost of oil accounts for more than half of the price of gasoline that drivers buy at the pump.  In the U.S., oil is trading at levels not seen in over 14 years.

(Photo: Accura Media Group)

Accura News

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