U.S. gas hits $4 and nears all-time record, GasBuddy reports

Gas prices recorded in Tuskegee, Alabama.
Gas prices recorded in Tuskegee, Alabama.(Source: Leonard Hall / WTVM)
Published: Mar. 5, 2022 at 7:30 PM CST|Updated: Mar. 5, 2022 at 7:34 PM CST
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BOSTON (WMTV) - The second-largest single-day jump in gas prices capped the second-largest one week jump in gas prices, the latest GasBuddy survey finds. That combined to send the gas over the $4 per gallon mark in the company’s survey for the first time in nearly 14 years.

While the average gas price currently sits just a dime below the highest recorded by GasBuddy, its head of petroleum analysis Patrick De Haan cautioned drivers to be prepared to dig even deeper as the normal increase this time of year is combined with the ongoing war in Ukraine.

“This is a milestone that was hard to imagine happening so quickly, but with bipartisan support of severe sanctions on Russia, is not exactly surprising - it is the cost of choking off Russia from energy revenue,” he added.

On Friday alone, gas prices jumped nearly 16 cents, GasBuddy reported. The only time the company recorded a larger one-day jump was on Sept. 3, 2005, when it soared 18.1 cents, after Hurricane Katrina devastated New Orleans and the Gulf Coast. Friday’s spike meant the average gas price was nearly 41 cents higher than they were at the beginning of the week, GasBuddy’s data showed.

In Madison, prices jumped an even larger 45 cents per gallon over the past week, but they remain below the national average, at $3.72, on Saturday, according to the GasBuddy report.

The only other time gas reached four-dollar territory in GasBuddy’s surveys was in 2008. That year, it passed that mark in early June and set the highwater mark just over a month later, on July 17, when a gallon of gas cost, on average, $4.10.

GasBuddy warns the U.S. could be just days away from breaking that record.

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