Gas prices continue to rise, and it could get worse.
The average price of a gallon of gasoline is up more than 10 percent in the last week, leading some consumers to rethink their routines and spending. Americans everywhere are feeling the rise of gasoline, which reached a national average of $4.07 a gallon on Monday, up more than 10 percent from a week ago Crude prices have surged this week after the U.S. signaled it may restrict Russia's energy exports. President Biden is set to announce a ban on U.S. imports of Russian oil.
“The problem is that oil has been and remains a global market,” says Patrick De Haan, head of petroleum analysis for Gas Buddy. “When oil is getting choked off — a kink in the hose, so to speak — that impacts everyone that consumes oil, as well as the price.”
“We’re now predicting a yearly national average of $3.99. I think that’s pretty likely to stick,” says De Haan.