US Gas Prices Reach Record Highs Since 2008

Giorgio Juve, PaperClip Staff/Writer

After Russia’s invasion of Ukraine, the price of gas has increased greatly since the stock market crash in 2008. 

Before the conflict broke out, gas was only averaging $3.41 a gallon. Since the start of February 2022, the national average of a gallon of gasoline in the U.S reached $4.17. 

With Russia being the third-largest oil producer in the world, the conflict between the two countries has affected the oil market causing a major impact on economies around the world. This created an up-rise in demand contributing to higher gas prices. 

In 2008, the average high was $4.11 according to AAA. Now including inflation, the new high is $5.25. This has hit local communities hard affecting not only the gas prices but grocery prices.

The diesel cost is nearly at the record high of $4.84, which was set earlier in July 2008. The average price of diesel is $4.75 per gallon and with inflation, diesel prices will continue to rise higher.

The Seacoast has seen an increase in gasoline prices with prices hitting over $4 per gallon. Before the sudden increase, gas prices within the region were averaging around $3.00 to $3.80.

Connor Tizzard, a senior at Portsmouth High School, was asked if gas prices had any impact on his daily life, he said, “Ya, I guess so, you know I drive every day to and from school and I‘ve been recently going to the gas station more then ever since Russia’s invasion on Ukraine.” 

He was then asked how much he spends regularly at the gas station, he said, “Before the increase, I would usually spend around 30 to 40 dollars a week, but now I spend around 60 to 70 dollars a week.”

Right now, California has the most expensive gas prices in the U.S., averaging around $5.44 a gallon. The reason for this is because of the location, taxes, and environmental laws.

There is no clear date to when these prices will decrease, but analysts estimate that it will take around a year until the Russia-Ukraine conflict stabilizes, and gas prices will go down.