U.S. Gas Cost Could Hit All-Time Record This Week as Average Rises 8 Cents

U.S. Gas Cost Could Hit All-Time Record This Week as Average Rises 8 Cents

The national average gas price hit $4 a gallon on Sunday and is approaching an all-time record high that could be surpassed in the coming days.

The average cost of gasoline rose by 8 cents between Saturday and Sunday to $4.009 per gallon, according to AAA. The company also noted that the highest average price for regular unleaded gasoline in the U.S. was recorded on July 17, 2008, when it hit $4.114 per gallon.

According to GasBuddy, a company that tracks fuel prices in the U.S., prices are spiking due to Russia's invasion of Ukraine. The company said Saturday that sanctions have crippled "Russia's ability to export crude oil, spiking gas prices by nearly 41 cents in the last seven days alone."