National Average Gas Price Breaks All-Time Record High

The former all-time record high national average gas price was broken on Monday with a new price of $4.104, GasBuddy reported.

While the White House has relied on foreign energy production instead of supporting American energy independence, gas prices dramatically rose in 2021 and have continued to increase amid Russia’s invasion of Ukraine. Gas Buddy reported:

The previous all-time high was set back in 2008 at $4.103 per gallon, just ahead of the U.S. Great Recession and housing crisis. The national average price of diesel is also nearing a new record, now at $4.63 per gallon, likely to break the record of $4.846 per gallon in the next two weeks.

In addition to setting a new all-time high, the national average is seeing its largest ever 7-day spike: 49.1 cents per gallon, eclipsing the 49.0 cents weekly rise after Hurricane Katrina in 2005. Many gas price records have been broken due to Russia’s war on Ukraine, which has pushed Western countries to impose severe sanctions on Russia, curbing Russian exports of crude oil to the global market.

On Saturday, the U.S. national average gas price surpassed $4 per gallon for the first time since 2008, and Friday’s spike alone came close to the record daily rise of 18 cents per gallon, increasing nearly 16 cents per gallon in one day. Diesel prices, however, did break records on Friday, as diesel soared to its largest daily gain ever: 22.2 cents per gallon, 6 cents higher than the previous record from 2013.

The White House was questioned Monday if implementing energy independence initiatives would reduce American energy prices faster than implementing unproven renewable energy theories. White House Press Secretary Jen Psaki said the theories of renewable energy would more quickly solve the nation’s energy crisis faster than opening the keystone pipeline and permitting oil leases on public lands.

Over the weekend, the Biden administration secretly met with Venezuelan President Nicolás Maduro about producing more oil to create “energy security.” Venezuela is friendly with Russia, China, and Iran, three of America’s greatest adversaries.

Biden’s meeting with Maduro is likely a response to American dependence on Russian oil exports, which have been nixed by oil traders, impacting oil prices. Biden has reframed from sanctioning many relevant Russian energy companies in response to the Ukraine invasion.

Follow Wendell Husebø on Twitter and Gettr @WendellHusebø