Americans now pay the highest pump prices ever recorded, as fuel prices rise. This is contributing to the rampant inflation in all sectors of the economy.

On Tuesday, the national average price for regular gasoline rose to $4.173. according to AAA.

Prior record: $4.114, July 2008. Not adjusted for inflation.

Tuesday’s record-breaking gas price surge followed by a dramatic rise in natural gas prices after Russia invaded Ukraine. Oil prices have soared as a result.

The average consumer is paying about 55 cents less than a week ago and around 72 cents more over last month.

In the meantime, oil prices rose Sunday, to levels last seen in 2008.

West Texas Intermediate crude futures were traded up to $132.07. Brent crude oil, the international benchmark for oil prices, reached $139.13. Both settled below these highs in Monday’s trading session.

This Tuesday WTIBarrel prices were $122.76 higher than usual, or 2.9% more. BrentTraded at $127.40 by 3.5%

Experts expect oil prices — and therefore prices at the pump — to remain elevated.

Russia is an important oil and gas exporter and producer, and its war against Ukraine disrupts the international market.

Goldman Sachs stated Monday that “Given Russia’s crucial role in global oil supply, the world economy may soon face one of the biggest energy supply shocks in history,” in a note to clients.

While sanctions imposed by the West have targeted the country’s financial institutions so far, possible sanctions on energy have been discussed.

As buyers avoid Russian oil, this market has already begun to show self-sanctioning.

“Estimates can vary, but it seems likely that if Russia is banned from imports, the volume of Russia that would become available will be fairly limited,” Tamas Varga said at brokerage PVM.