AAA: Gas Prices Reach Record High

Consumers can expect the current trend at the pump to continue as long as crude prices climb.

Shutterstock photo.

WASHINGTON, D.C. – Crude oil prices continue to soar, leading to higher pump prices in the U.S.

According to AAA, a record for the highest-recorded average price for regular gas was recorded Wednesday at $4.25 per gallon.

That’s up from $4.17 per gallon on Tuesday. A week ago, the average price was $3.65. Looking back to this time last year, a gallon of regular gas cost $2.79.

The national average has not been this high since July 2008.

Kentucky is among 10 states with the largest weekly increase in gas prices this week at +56 cents.

*Data via AAA

Gas Prices by County

• Dearborn: $4.14                     Boone: $3.99                 Hamilton: $4.08
• Franklin: $4.19                       Kenton: $3.99
• Ohio: $4.23                            Gallatin: $4.02
• Ripley: $4.13                          Carroll: $4.00
• Switzerland: $4.17

Last week, the International Energy Agency (IEA) announced a coordinated release of crude oil from its 31 member countries’ strategic reserves, including the U.S., Canada, and Mexico, to help counter the impact of rising crude prices.

Half of the 61.7 million bbl that is being released by the IEA is expected to come from the U.S., according to AAA.

Despite the announcement, the impact on prices has been limited because the amount of oil planned for release is small in comparison to the daily flow from Russia, which has been cut off due to their conflict with Ukraine.

“The increase in gas demand and a reduction in total supply contribute to rising pump prices. But, increasing oil prices play a leading role in pushing gas prices higher. Consumers can expect the current trend at the pump to continue as long as crude prices climb,” according to the Energy Information Administration.

For more information, visit AAA Gas Prices.