Mar 8, 2022 - Energy & Climate

U.S. gas prices hit record high

Axios

Gas prices displayed on a sign at a gas station on March 3 in Roscoe, Illinois. — Gas prices displayed on a sign at a gas station on March , in Roscoe, Illinois. Photo: Scott Olson/Getty Images

The average regular U.S. gasoline price soared to a record high on Tuesday, hitting $4.173 per gallon, according to AAA.

Driving the news: The record, which isn't adjusted for inflation, comes as Russia's unprovoked invasion of Ukraine continues to disrupt the markets and drive up energy costs.

The relaxation of COVID restrictions across the country has also contributed to soaring prices as demand rises amid tight global supplies.
Oil from Russia accounted for roughly 3% of U.S. crude oil imports, according to the American Fuel and Petrochemical Manufacturers (AFPM) trade association.
In California, where gas prices are the most expensive in the country, prices have hit $5.444 a gallon, per AAA.

Between the lines: When factoring in inflation, gas prices remain cheaper on a historical basis.

The all-time high of $4.114 a gallon set in July 2008 would be about $5.25 in January 2022, according to the Consumer Price Index's inflation calculator.

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U.S. gas prices hit record high

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