Gas Prices Highest Since 2008
On Friday, March 5, the national average price of gas hit $4 per gallon. That near-record, single-day spike sent gas prices to their highest since 2008. Gasoline prices saw the second largest daily spike ever on Friday, rising 15.8 cents per gallon; diesel saw its largest single day rise ever, spiking 22.2 cents per gallon.
The national average price of gasoline has just surpassed $4 per gallon in the U.S for the first time since 2008, and stands just 10 cents below the all-time record of $4.103 per gallon, according to GasBuddy, the leading fuel savings platform providing American drivers with the most ways to save money on gas. Prices have spiked across the country due to the Russian war on Ukraine as sanctions cripple Russia’s ability to export crude oil, spiking gas prices by nearly 41 cents in the last seven days alone.
As of Friday, the weekly rise in gas prices was the second largest ever, following the rise of 49 cents per gallon during the week of September 3, 2005. Friday’s daily rise of 15.8 cents per gallon was also the second largest daily rise ever, coming close to the record of 18.1 cents per gallon set as Hurricane Katrina tore through the Gulf 17 years ago. Diesel prices, however, didn’t share the same fate as gasoline, as diesel soared to its largest daily gain ever: 22.2 cents per gallon, 6 cents higher than the previous record from 2013.
Other notable gas price milestones:
June 8, 2008: $4 per gallon is seen for the first time
July 17, 2008: All-time record high is set at $4.103 per gallon
May 12, 2021: $3 per gallon average seen for the first time since 2014
“This is a milestone that was hard to imagine happening so quickly, but with bipartisan support of severe sanctions on Russia, is not exactly surprising – it is the cost of choking off Russia from energy revenue,” said Patrick De Haan, head of petroleum analysis for GasBuddy. “As Russia’s war on Ukraine continues to evolve and we head into a season where gas prices typically increase, Americans should prepare to pay more for gas than they ever have before. Shopping and paying smart at the pump will be critical well into summer.”
GasBuddy expects that gasoline prices will continue to rise in the days ahead, and could be just days away from setting a new all-time record high and continuing to rise through summer. Seasonal factors including increased demand for gas, refinery maintenance and the switch to summer blend gas, on top of current geopolitical tensions, could propel prices upward of $4.25 per gallon by Memorial Day.
GasBuddy’s revised 2022 Fuel Price Outlook provides potential ranges for average prices in the U.S. and individual states.
Average gasoline prices in Tennessee have risen 44.7 cents per gallon in the last week, averaging $3.87 per gallon Monday, according to GasBuddy’s survey of 3,821 stations in Tennessee. Prices in Tennessee are 72.7 cents per gallon higher than a month ago and stand $1.33 per gallon higher than a year ago.
According to GasBuddy price reports, the cheapest station in Tennessee was priced at $2.99 per gallon Monday, while the most expensive was $4.79 per gallon, a difference of $1.80 per gallon.
The national average price of gasoline rose 46.5 cents per gallon in the last week, averaging $4.06 per gallon Monday. The national average is up 61.1 cents per gallon from a month ago and stands $1.29 per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.
Historical gasoline prices in Tennessee and the national average going back 10 years:
March 7, 2021: $2.55/g (U.S. Average: $2.77/g)
March 7, 2020: $2.13/g (U.S. Average: $2.37/g)
March 7, 2019: $2.27/g (U.S. Average: $2.46/g)
March 7, 2018: $2.30/g (U.S. Average: $2.53/g)
March 7, 2017: $2.06/g (U.S. Average: $2.30/g)
March 7, 2016: $1.59/g (U.S. Average: $1.81/g)
March 7, 2015: $2.22/g (U.S. Average: $2.46/g)
March 7, 2014: $3.21/g (U.S. Average: $3.49/g)
March 7, 2013: $3.54/g (U.S. Average: $3.72/g)
March 7, 2012: $3.59/g (U.S. Average: $3.76/g)
Neighboring areas and their current gas prices:
Chattanooga – $3.81/g, up 36.4 cents per gallon from last week’s $3.44/g.
Nashville – $3.89/g, up 37.9 cents per gallon from last week’s $3.51/g.
Huntsville – $3.89/g, up 56.5 cents per gallon from last week’s $3.32/g.
“There are few words to describe the unprecedented rise in gasoline prices over the last week, with massive spikes coast to coast in both gasoline and diesel prices, as oil prices jump to their highest since 2008. Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50 per gallon. California could be heading for $5.50 per gallon with more stations charging $6 and beyond,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “We’ve never been in this situation before, with this level of uncertainty. As we lose a major global producer under the weight of deserving bipartisan sanctions for invading a sovereign country, the cost is high. Americans will be feeling the pain of the rise in prices for quite some time, with little good news foreseen.”
GasBuddy’s survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country. GasBuddy data is accessible at http://prices.GasBuddy.com.