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, that likely means more pain at the pump, as gas prices continue to climb towards their all-time high, set in the summer of 2008. At a national average of $3.61 per gallon of regular gasoline on Monday, prices have climbed $1 over the past year and are now just 50 cents below their record high of $4.11.
According to the U.S. Energy Information Administration, prices have already surged past that mark in several U.S. cities, especially on the West Coast. And while the national average has yet to hit $4 per gallon, some analysts fear that it’s only a matter of time before prices reach $5 in some major cities.
This chart shows the average weekly price of gasoline in the U.S.
