(Associated Press) The average U.S. price of regular-grade gasoline shot up a whopping 79 cents over the past two weeks to a record-setting $4.43 per gallon (3.8 liters).
Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the new price exceeds by 32 cents the prior all-time high of $4.11 set in July 2008.
The price at the pump is $1.54 higher than it was a year ago.
Lundberg said gas prices are likely to remain high in the short term as crude oil costs soar amid global supply concerns following Russia’s invasion of Ukraine.
Nationwide, the highest average price for regular-grade gas is in the San Francisco Bay Area, at $5.79 per gallon. The lowest average is in Tulsa, Oklahoma, at $3.80 per gallon.
According to the survey, the average price of diesel also spiked, up $1.18 over two weeks, to $5.20 a gallon. Diesel costs $2.11 more than it did one year ago.
