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U.S. gasoline prices soar to highest since 2008 on Russia conflict -AAA

Commodities Mar 06, 2022 07:35PM ET
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© Reuters. FILE PHOTO: Traffic travels past a sign displaying current gas prices in San Diego, California, U.S., February 28, 2022. REUTERS/Mike Blake
 
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(Reuters) -U.S. gasoline prices at the pump jumped 11% over the past week to the highest since late July 2008 as global sanctions cripple Russia's ability to export crude oil after its invasion of Ukraine, automobile club AAA said on Sunday.

AAA said average U.S. regular grade gasoline prices hit $4.009 per gallon on Sunday, up 11% from $3.604 a week ago and up 45% from $2.760 a year ago.

The automobile club, which has data going back to 2000, said U.S. retail gasoline prices hit a record $4.114 a gallon on July 17, 2008, which was around the same time U.S. crude futures soared to a record $147.27 a barrel.

The most expensive gas in the country is in California at $5.288 a gallon, followed by Hawaii ($4.695), Nevada ($4.526) and Oregon ($4.466), according to AAA.

U.S. gasoline futures, meanwhile, soared to a record $3.890 per gallon on Sunday. [O/R]

Gasoline price provider GasBuddy said the average price of U.S. gasoline spiked nearly 41 cents per gallon, topping $4 for the first time in almost 14 years, and stands just 10 cents below the all-time record of $4.103 per gallon.

GasBuddy said that weekly increase was the second largest ever, following a jump of 49 cents per gallon during the week of Sept. 3, 2005, after Hurricane Katrina tore through the U.S. Gulf Coast.

"Increasing oil prices continue to play a leading role in pushing prices higher," AAA said in a release, noting "pump prices will likely continue to rise as crude prices continue to climb."

U.S. crude futures soared more than 12% to $130.50 per barrel late Sunday, their highest since July 2008, as the United States and its European allies consider banning imports of Russian oil.

U.S. gasoline prices soar to highest since 2008 on Russia conflict -AAA
 

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Comments (9)
Shep De
Shep De Mar 07, 2022 12:19AM ET
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More carnage in cities from protest rallies coming up.Going to be bigger rallies than blacks ones for their lives mattering.It'll be entire classes on streets, 1st lower class one month.Then, lower middle next.Then middle month after that as individual classes sequentially feel the bite MoM.Inflation just goes to another level when gas hits $4+.oops quite sustainable too. In fact, this economy so many rich middle, middle upper, upper class ultra rich homeowners , we could probably handle $5, even $6, prices at the pump all the way thru summer as long as FED don't raise rates more than 0.25%. That just might be the Democrat plan, flawed logic too, because mid terms are in the fall.
lee doloff
lee doloff Mar 06, 2022 10:15PM ET
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I just nought a camry hybrid 44 miles per gallon
Don Vo
Don Vo Mar 06, 2022 9:32PM ET
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All companies will bankrupt
John Laurens
John Laurens Mar 06, 2022 7:57PM ET
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‘22 ‘24
John Laurens
John Laurens Mar 06, 2022 7:55PM ET
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The men tallie ree tar dehd democrats did this to us.
Choon Chung
Choon Chung Mar 06, 2022 7:48PM ET
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Americans like high gasoline price. Congratulations to all American for successfully realizing their dreams...
peter neal
peter neal Mar 06, 2022 6:42PM ET
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Another 60 cents this week. Stagflation but worse. Buy Gold if you haven't and can find any.
Mohmad Fuad Ahmad
Mohmad Fuad Ahmad Mar 06, 2022 6:26PM ET
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Russia playing Chess with US, Knowing US can't Afford high oil price, Making Worst by Enforcing Sanctions. Putin OutManoeuvring, US Caught in its Trap, Europe Tagging Blindly. It's has been Trade and US Dollar but US unintentionally driving EveryBody Away due to Shortsightedness with The New Economic Power China, Prepared, seems laying Docile, the Alternative Option on the Sideline. Should have Been Smart to Accept the Concerns of Russian, the Atrocities in Donbass, Correct Them and Continue Trading with printed US Dollar, now Opportunity Lost, but Unfortunately To the Benefit but Threat of The New Eastern Economic SuperPower.
Mohmad Fuad Ahmad
Mohmad Fuad Ahmad Mar 06, 2022 6:26PM ET
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Russia playing Chess with US, Knowing US can't Afford high oil price, Making Worst by Enforcing Sanctions. Putin OutManoeuvring, US Caught in its Trap, Europe Tagging Blindly. It's has been Trade and US Dollar but US unintentionally driving EveryBody Away due to Shortsightedness with The New Economic Power China, Prepared, seems laying Docile, the Alternative Option on the Sideline. Should have Been Smart to Accept the Concerns of Russian, the Atrocities in Donbass, Correct Them and Continue Trading with printed US Dollar, now Opportunity Lost, but Unfortunately To the Benefit but Threat of The New Eastern Economic SuperPower.
 
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