US gasoline prices rise again on talk of banning Russian oil
Published:Monday | March 7, 2022 | 4:58 PM
Gasoline prices are pushing even farther above $4 a gallon, the highest price that American motorists have faced since July 2008, as calls grow to ban imports of Russian oil.
Prices at the pump were rising long before Russia invaded Ukraine and have spiralled faster since the start of the war.
The US national average for a gallon of gasoline has soared 45 cents a gallon in the past week and topped $4.06 on Monday, according to auto club AAA.
“I am looking at the possibility of walking to work,” said Asiya Joseph, who had just paid $4.29 a gallon at a BP station in Brooklyn, New York.
“This is the first time that I am filling up my tank in like, 10 days.”
The price of regular broke $4 a gallon on Sunday for the first time in nearly 14 years and is now up nearly 50% from a year ago.
The price is even higher in Europe, averaging 1.75 euros per litre last week, according to the European Commission, the equivalent of $7.21 per gallon.
GasBuddy, which tracks prices down to the service-station level, said Monday that the US was likely to break its record price of $4.10 a gallon, but that does not account for inflation.
In today's terms, the record price would be equal to about $5.24 after accounting for inflation.
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