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The average cost of gas has climbed to $4 a gallon across the U.S. for the first time since the 2008 recession, experts say the rise is expected to continue amid the Russia-Ukraine conflict. According to GasBuddy.com, gas prices saw the second highest daily spike on Friday, by 15.8 cents per gallon.
The rise of 15.8 cents per gallon was also the second largest daily rise ever, coming close to the record of 18.1 cents per gallon set as Hurricane Katrina tore through the Gulf 17 years ago.
Diesel prices soared to its largest daily gain ever by 22.2 cents per gallon, 6 cents higher than the previous record from 2013.
“This is a milestone that was hard to imagine happening so quickly, but with bipartisan support of severe sanctions on Russia, is not exactly surprising – it is the cost of choking off Russia from energy revenue,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “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.”
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. Seasonal factors including increased demand for gas, refinery maintenance and the switch to summer blend gas, on top of current geopolitical tensions, could propel prices upward of $4.25 per gallon by Memorial Day.
As of today, the cheapest fuel in Terrebonne Parish is $3.40 per gallon at Houma Travel Plaza, located at 1367 LA-182.
