Gasoline prices clocked in at $4.24 nationally on Wednesday according to the American Automobile Association (AAA), their highest level since 2008, as the US struggles with bumper inflation and traders comes to term with the implications of the Russian invasion of Ukraine.
Prices were highest in California where the current average for one gallon of regular gasoline is $5.57 per gallon.
The news comes as the all item consumer price index rose 7.5% year-over-year in January contributing to the political woes of Joe Biden whose approval ratings have been tracking downwards with 49% of Americans disapproving and 45% approving of his job performance.
Some analysts predict that prices could continue rising due to the disruption of global energy supply patterns as traders move away from Russian crude and refined products.
“Oil buyers are reducing their purchases of refined products from Russia, causing Russian refineries to shut down,” Andrew Lipow of consulting firm Lipow Oil Associates told CNBC. “Dockworkers are refusing to unload vessels carrying oil and gas.”