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Originally Published: Mar 07, 2022
Originally Published: Mar 07, 2022 Last Updated: Mar 08, 2022 5 min read
Gas prices are displayed at a Chevron Gas station in California on March 4, 2022
Gas and diesel fuel prices, over $5 a gallon, are displayed at a petrol station in Monterey Park, California on March 4, 2022. Getty Images

Gas prices jumped 45 cents last week, bringing the national average over $4 a gallon for the first time since 2008. Experts anticipate that U.S. gas prices will blow past the all-time record high of $4.11 early this week.

[UPDATE: As of Tuesday, the average price for a gallon of gas was $4.17, according to AAA. That's the highest it's ever been.]

The last time gas prices were averaging over $4 a gallon in America, it was the summer of 2008 and wholesale crude oil prices had spiked to over $140 a barrel. Fast-forward to 2022, and global oil prices have soared since Russia, a major oil producer, invaded Ukraine in late February. Crude oil prices hit $130 a barrel recently; some analysts are forecasting prices could rise to $150.