Source: USA Today

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The national average price for gas has topped $4 a gallon for the first time in over a decade as gas costs continue to soar in the wake of Russia’s invasion of Ukraine.  

As of Sunday afternoon, the national average of a regular gallon of gas was $4.009, according to AAA. That’s up 8 cents from Saturday and up 40 cents from last week. The U.S. hit the $4 national average a day earlier than analysts expected.

The record high for the national average is $4.11, set on July 17, 2008, according to AAA.

Patrick De Haan, head of petroleum analysis at fuel-savings app GasBuddy, said in a tweet Sunday the national average could reach up to $4.10 by Tuesday, adding to the possibility the record  could be broken by the end of the week. 

GasBuddy’s 2022 gasoline forecast predicts the average price of gas will reach $4.25 by May and will remain over $4 likely until November. 

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“GasBuddy expects that gasoline prices will continue to rise in the days ahead, and could be just days away from setting a new all-time record high and continuing to rise through summer,” the company said.

The average cost is also the highest since May 2011, when  it was $4.96, according to the U.S. Energy Information Administration

The rising cost of gas in recent weeks comes as Russia’s invasion of Ukraine has applied pressure on global oil markets. The lifting of coronavirus mask mandates throughout the  U.S. could also be a factor as consumer spending and travel ramp up.