In a statement auromobile club AAA said, U.S. gasoline prices at pump stations have soared by 11% in the last week touching their highest levels since July 2008.
Global sanctions on Russia has blocked Russia’s ability to export crude oil to Western countries. China has emerged as one of the biggest purchaser of cheap Russian commodities including oil, LNG, coal, and agriculture evading Western sanctions including ones based on SWIFT.
U.S. regular grade gasoline prices hit $4.009 per gallon on Sunday, up by 11% from $3.604 a week ago and by 45% from $2.760 a year ago.
The most expensive gas in the country is in California at $5.288 a gallon, followed by Hawaii ($4.695), Nevada ($4.526) and Oregon ($4.466), said AAA.
U.S. gasoline futures has soared to a record high of $3.890 per gallon.
“The average price of U.S. gasoline spiked nearly 41 cents per gallon, topping $4 for the first time in almost 14 years, and stands just 10 cents below the all-time record of $4.103 per gallon,” said gasoline price provider GasBuddy.
The weekly jump was the second largest ever, following a jump of 49 cents per gallon during the week of Sept. 3, 2005, after Hurricane Katrina hammered the U.S. Gulf Coast.
“Increasing oil prices continue to play a leading role in pushing prices higher,” said AAA in a release, while noting “pump prices will likely continue to rise as crude prices continue to climb.”
Late on Sunday, U.S. crude futures soared more than 12% to $130.50 per barrel, marking their highest level since July 2008.