Gas Prices Reach Historic Highs — How Much More Will You Pay at the Pump This Year?

"Photo of a young man watching filling his gas tank, watching in disbelief as the dollar amount climbs on the gas pump display too quickly to comprehend.
jhorrocks / Getty Images

Gasoline prices hit record highs this week as the global supply of oil and gas — which was already limited in 2021 — has become even more scarce because of the Russian invasion of Ukraine.

Pain at the Pump: Gas Prices Breach $4 Mark and Continue To Rise
Gas Apps: Could Save You Money as Oil Prices Continue to Surge

The national average price of gasoline in the U.S. reached a new all-time high of $4.104 per gallon on Tuesday, according to fuel savings platform GasBuddy. The previous record of $4.103 was set back in 2008, just ahead of the Great Recession and financial meltdown. The average price of diesel, currently $4.63 per gallon, is also nearing the record of $4.846. That record will likely be eclipsed in the next two weeks, GasBuddy predicted.

That’s not even the worst news. In addition to setting a new all-time high, the national average has witnessed its biggest seven-day spike ever at 49.1 cents per gallon, meaning that prices are rising faster in a shorter amount of time.

“Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a press release. “That combination makes this situation all the more remarkable and intense, with crippling sanctions on Russia curbing their flow of oil, leading to the massive spike in the price of all fuels.”

Make Your Money Work for You

Don’t expect prices to magically drop, either. As GOBankingRates previously reported, GasBuddy expects the average price to hit $4.25 a gallon by May and probably stay above $4 until at least November. 

“It’s a dire situation and won’t improve any time soon,” De Haan said. “The high prices are likely to stick around for not days or weeks, like they did in 2008, but months. GasBuddy now expects the yearly national average to rise to its highest ever recorded.”

Find Out: How Much You Can Save Annually by Becoming a One-Car Family
Read: How Filling Up on Specific Days Could Save You $100 Annually

This couldn’t have come at a worse time for many Americans, who are gearing up for the spring and summer travel seasons in a much more open economy after two years of COVID-19 restrictions.

GasBuddy’s recommendation? Limit your fuel consumption whenever possible, and drive more efficiently — which basically means keeping a steady speed and avoiding revving the engine or flooring the gas pedal. As we reported, you can also use gas apps to help you find stations with the lowest prices in the area.

Make Your Money Work for You

More From GOBankingRates

Share this article:

Make Your Money Work for You

About the Author

Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal and Business North Carolina magazine. He holds a B.A. in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. A native of North Carolina who also writes fiction, Vance’s short story, “Saint Christopher,” placed second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, was published in 2021 by Atmosphere Press.
Learn More

Best Bank Accounts for October 2022

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.