MIAMI (CBSMiami/AP) – After days of dramatically increasing gas prices fueled by the Russian invasion of Ukraine, the national average for a gallon of gas is now the highest in United States history.
On Wednesday, the national average was $4.25 a gallon of regular gas, according to AAA. That top’s Tuesday’s record high of $4.17 gallon, which broke the previous record high of $4.11, set in July 2008, according to AAA.
Florida also set new records on Wednesday.
In Florida, the average price for a gallon of regular gas was $4.21 on Wednesday, up from $4.15 on Tuesday, according to AAA. Tuesday’s price broke the record for the average high price set back in 2008.
In the Miami-Dade metro area, the average price was $4.23 a gallon for regular on Wednesday, up from $4.15 on Tuesday. A week ago, the average was $3.56 a gallon. A month ago, it was $3.48 a gallon and a year ago the average price was $2.78 a gallon.
In the Fort Lauderdale metro area, on Wednesday the average price was $4.25 a gallon for regular, compared to $4.19 on Tuesday. A week ago, the average was $3.60 a gallon. A month ago it was $3.50 a gallon and a year ago it was $2.81 a gallon.
The prices for goods and services are expected to climb due to higher shipping and delivery costs. Some airlines are already planning to pass the higher gas costs onto flyers.
While the increase in gas demand and a reduction in total supply is contributing to the rising prices at the pump, skyrocketing oil prices are also playing an increasingly large role. The price of benchmark U.S. crude jumped 8% Tuesday to more than $129 per barrel.
The rising gas prices come as President Joe Biden has decided to ban Russian oil imports in retaliation for its invasion of Ukraine and prices have spiked as the oil industry in the West and Europe have shunned Russian crude.
As long as the price of crude continues to climb, gas prices will continue to rise and we could see it hit $5 a gallon.
Congress has introduced legislation to suspend the 18 cent federal gas tax.
In the meantime, experts say using online search engines can help find the cheapest option near you.
Fuel Savings Tips
- Maintain your vehicle to optimize fuel economy.
- Combine errands to limit driving time.
- Shop around for the best gas prices in your community.
- Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
- Remove excess weight in your vehicle.
- Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.