As States Inch Toward Record Highs in Gas, Officials Warn Over Gouging

As States Inch Toward Record Highs in Gas, Officials Warn Over Gouging

Several state officials are warning consumers to be on the lookout for evidence of price gouging as gas prices spike across the country.

The national average cost of a gallon of regular unleaded gas hit $4 this week, just a few cents shy of the national record set nearly 14 years ago in July 2008 when it was about $4.11 per gallon. Industry experts said last week that it is likely the U.S. will soon set a new national average gas price record in the wake of Russia's invasion of Ukraine. The military conflict has raised concerns about potential disruptions to the global oil supply, and prices at the pump have increased in response.

In the last month, national average gas prices have increased by more than 60 cents per gallon, according to American Automobile Association (AAA) data. Last week, AAA spokesperson Andrew Gross told Newsweek that he has "never seen a rise like this before" and said the extent of further price hikes will likely depend upon how the war in Ukraine proceeds.