Gas prices continue to rise nationally, and we’re feeling the impact in the CSRA. For the first time in over a decade, we’re seeing the cost of gasoline near the $4 range in the Augusta area. And that’s the trend nation-wide, according to USA Today.
It seems the cost of gasoline will continue to rise as Russia continues their invasion of Ukraine. As of Sunday afternoon, the average for regular has was $4.009 per gallon according to AAA. That’s an increase of 8 cents overnight, and 40 cents from the previous week. This caused the U.S. to hit the $4 average nationally a day earlier than predicted by analysts.
Unfortunately, we are inching closer to the record high national average, which was $4.11. That record was set on July 17, 2008.
In fact, while writing this, the head of petroleum analysis at GasBuddy, Patrick De Haan, tweeted:
BREAKING: According to GasBuddy data, the US national average has JUST set a new all-time record: $4.104/gallon, eclipsing 2008's record of $4.103/gal. The higher prices this time will likely stay around far longer. #oil #gasprices https://t.co/8RgHCC9sK3— Patrick De Haan ⛽️📊 (@GasBuddyGuy) March 7, 2022
He originally predicted we would hit that number on Tuesday. And believes we are days away from setting a new all-time record high and continuing to rise throughout the summer.
De Haan told USA Today, “American and (European Union) sanctions are having a severe impact on Russia’s ability to sell crude oil, thus crude prices have skyrocketed.”
On the list of the most expensive gas price averages, per AAA:
- California at $5.28
- Hawaii at $4.69
- Nevada at $4.52
- Oregon at $4.46
- Washington at $4.40
In an article from WJW, Lynda Lambert, a spokesperson from AAA East Central, says it’s not just the Russian invasion impacting gas prices. She says prices were already high and were expected to hit $4 by Memorial Day, prior to the crisis in Ukraine.
Some factors for high gas prices, according to Lambert? A shortage of gasoline. The demand went low during the pandemic, leading refineries to back off production. She points out the supply is still not where it should be, and demand is increasing. Add to that, the supply chain issues and delivery driver shortages and the problems just continue to raise the prices.
In Georgia and South Carolina, we saw prices jump significantly over the weekend. In one week, Georgia saw a 47 cent increase and South Carolina is up around 40 cents.
Here are a few tips to help you save at the pump.