The US national average of one gallon of gas spiked 11 cents this week as the impact of Russia's deadly invasion on Ukraine continues, according to AAA. This price increase marks the largest jump since Hurricane Katrina hit the Gulf Coast in 2005.
As of Friday (March 4), the national average reached $3.84 a gallon, marking an 11 cent increase since Thursday (March 3), 18 cents since Wednesday (March 2) and 29 cents since Russia invaded Ukraine just over a week ago. Earlier this week, oil prices surged past $100 per barrel amid the deadly conflict.
"This is not the end of it. We're already up another 14 cents on wholesale gas prices this morning," Tom Kloza, the global head of energy for the OPIS, said, according to CNN. The wholesale prices, Kloza said, will probably be passed onto consumers at the pump.
"It's absolutely out of control," Kloza said, adding that the national average could spike to $4.25 to $4.50 a gallon. "When you get increases this quick, and this dramatic, you really scald the public," he said.
Last year this time, national price average was $2.75 a gallon, as prices recovered from the pandemic-related drop when demand plummeted.
During his State of the Union address, President Joe Biden announced that 60 million gallons of oil from the reserve stockpile would be released to help with rising costs.