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U.S. gas prices top $4 a gallon for first time since 2008

Gas prices soar as Biden weighs Russian oil ban
Gas prices soar as Biden weighs Russian oil ban 02:39

The average cost for a gallon of regular gasoline has surpassed $4 per gallon for the first time since 2008. 

"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," Patrick De Haan, head of petroleum analysis for GasBuddy, said in a statement.

U.S. crude jumped $5.21 to $120.89 a barrel in electronic trading on the New York Mercantile Exchange, while the global benchmark topped $130. The record high for oil prices was $147.50 in July 2008, according to Bloomberg.

During the first full week of Russia's invasion of Ukraine, the price of regular gas rose by almost 41 cents, according to AAA. California has the priciest fuel in the U.S., with drivers in the state paying an average of $5.32 per gallon, according to GasBuddy. Oklahoma has the cheapest gas at around $3.64.

The all-time high for U.S. gas prices was $4.10 in July 2008, according to Bloomberg. As of early Monday the average gas price was 4 cents away from reaching that record, prompting an exclamatory tweet from De Haan. 

Schiff signals "strong bipartisan support" for banning Russian oil and gas 06:51

"SKYROCKETING! The average price of gasoline stands at $4.06/gal, some 61.1 cents higher than a week ago," De Haan said in a tweet. 

The average U.S. household spent $3,100 on gas in 2021, according to Yardeni Research. But the recent spike in gas could end up costing Americans as much as $2,000 more this year, the investment research firm estimated in a report.

The Associated Press contributed to this report.

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