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Gas prices are heading to a new all-time record

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It’s difficult to believe that gasoline prices will rise further, with them at their highest point in 14 years. However, prices continue to rise.

Sunday was the average national price per gallon for gas. hit $4.009According to AAA data: a record of 78. 

According to the auto group, a combination of increased demand and a decrease in supply are quickly pushing up gas station prices.

The recent increase has seen consumers pay 40c more per week than just one week ago.

Patrick De Haan (head of petroleum analysis, GasBuddy) stated that there are very few words to describe “the unprecedented rise in gasoline costs over the past week, with huge spikes coast-to-coast in both gasoline, and diesel prices as oil prices jump at their highest level since 2008”.

He said, “Forget about the $4/gallon mark. The nation will soon establish new all-time records highs. We could push closer towards a national average price of $4.50.” GasBuddy predicts that the gasoline average will set an all-time high. within a day.  

Find out more from personal finance:
How the Ukraine-Russia conflict may push up prices
When buy now, pay later comes back to bite you
Big raises may be coming back down to earth

Perhaps the worst is yet to come. AAA also saidAs Russia’s war against Ukraine causes fears of serious supply shortages

The price of oil is responsible for more than half the fuel cost, according to U.S. Energy Information Administration.

Depending on where you live, there may already be wild upswings in prices. AAA reported that gasoline prices increased by 30 cents to Ohio, Indiana, Illinois, and Illinois in just a week.

California had an average of $5.343, with some stations charging $6, as per De Haan.  

He said, “We have never before been in such a situation with so much uncertainty.”

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