U.S. and global oil benchmark prices climbed to their highest levels since 2011 and 2014, respectively, after OPEC and its oil-producing allies decided to stick to their plan of gradual output hikes despite the escalation of the Russia-Ukraine conflict.
For Americans already plagued by inflation, this means more pain at the pump, as gas prices reached a new all-time high of $4.32 on Monday, surpassing the previous record set in the summer of 2008. This means prices have climbed by almost $1 per gallon over the past month.
According to the U.S. Energy Information Administration, gas was most expensive in several U.S. states and cities on the West Coast. And while the national average has now surpassed $4 per gallon, some analysts fear that it’s only a matter of time before prices reach $5 in more major cities.
This chart shows the average weekly price of gasoline in the U.S.
