Gas prices hit new record high of $4.104

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Gas prices hit new record high of $4.104

The average price for a gallon of gasoline in the U.S. hit a new record high of $4.104 on Monday, surpassing the previous record of $4.103 set in 2008, according to GasBuddy.

GasBuddy Head of Petroleum Analysis Patrick De Haan said in a statement that Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious.

REPORT SAYS,

That combination makes this situation even more remarkable and intense, with crippling sanctions on Russia curing their flow of oil, leading to a massive spike in the price of gasoline, diesel, jet fuel and more, he explained.

It is a dire situation and won't improve soon, De Haan continued. The high prices are likely to stay around for not days or weeks, like they did in 2008, but months. GasBuddy believes that the yearly national average will rise to its highest ever recorded.