Economy

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

U.S. gasoline prices jumped 11% over the past week to the highest since 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.

AAA said that was the highest average for regular grade gasoline since July of 2008, when 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.

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.

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