According to AAA, the national average price for regular gasoline climbed more than four cents on Thursday to $4.91 a gallon, climbing more than 64 cents in a matter of weeks.
At the current rate of increase, prices are set to reach $5 per gallon by the end of this week, something many, like GasBuddy, have predicted for weeks.
The number is more than double the average cost per gallon a year ago. Gas prices have continued to climb during Biden’s presidency and as millions of Americans are poised for summer travel.
For perspective, before this surge, the previous highest price in the Energy Information Administration records was $4.11, in July 2008. (Adjusted for inflation, that would be $5.52.)
According to GlobalPetrolPrices, the U.S currently ranks 67th out of the 170 countries that the company tracks. Venezuela is the least expensive at $0.08 per gallon, while Hong Kong ranks the most expensive at $11.20 a gallon.
This week’s surge will only add to inflationary pressures that have boosted fears of a national recession, hammered financial markets, and caused Americans’ views on the economy to become fearful.
Gas prices had dropped as low as $4.07 a gallon in April after President Biden ordered the release of oil from emergency reserves and as oil prices cooled off. However, as some industry analysts predicted, that relief proved to be short-lived.
According to the U.S. Energy Information Administration, gas prices, adjusted for inflation, would have to rise above $5.30 a gallon to break the records set in 2008.