NASHVILLE, Tenn. (WKRN) – Gas prices in the U.S. are soaring and are starting to break national averages. According to GasBuddy, for the first time in 14 years, the national average price of gas in the U.S. has surpassed $4 per gallon.
GasBuddy announced the record-breaking average on Saturday in a release stating that Russia’s recent invasion of Ukraine is to blame for the surge.
“Prices have spiked across the country due to the Russian war on Ukraine as sanctions cripple Russia’s ability to export crude oil, spiking gas prices by nearly 41 cents in the last seven days alone,” said GasBuddy in a release.
The national average price of gas now stands just 10 cents below the all-time record of $4.103 per gallon, according to GasBuddy.
On Friday, March 4, GasBuddy saw the second-largest weekly rise in gas prices since the 49 cents per gallon increase that occurred in 2005. Friday’s increase of 15.8 cents per gallon was also the second-largest daily rise since Hurricane Katrina ravaged the Gulf 17 years ago causing gas prices to rise 18.1 cents per gallon in one day.
Patrick De Haan, head petroleum analysis for GasBuddy, said Americans should prepare for the price of fuel to only increase in the upcoming weeks ahead.
“As Russia’s war on Ukraine continues to evolve and we head into a season where gas prices typically increase, Americans should prepare to pay more for gas than they ever have before. Shopping and paying smart at the pump will be critical well into summer,” said De Haan.
Tennessee is averaging $3.71 a gallon for regular unleaded gas. Currently, the cheapest gas in the state can be found at the Circle K in Dunlap, Tennessee at $2.76 a gallon.
As gas prices continue to steadily rise analysts are encouraging Tennesseeans to start reducing gas consumption by up to 5 to 10%
To see the cheapest gas in your area, click here.