Time to lace up the running shoes to get to work in the morning.
The national average price of gasoline has just surpassed $4 a gallon in the U.S. for the first time since 2008, according to new data from GasBuddy. Prices at the pump have spiked 41 cents in the last seven days alone as the world fears production cuts from Russia.
Gas prices stand just 10 cents shy of their all-time record of $4.103 hit on July 17, 2008, GasBuddy data shows. Price first broke through $4 a gallon on June 8, 2008.
“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 GasBuddy head of petroleum analysis Patrick De Haan. "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.”
Prices are likely to head much higher in the coming weeks.
Brent crude oil prices briefly touched $139 a barrel on Sunday evening as U.S. Secretary of State Antony Blinken floated the West banding together to no longer accept Russian crude oil.
"The actions we’ve taken to date have already had a devastating impact on the Russian economy. We’ve seen the ruble in free-fall. We see the economy heading into a deep recession. We’ve already had a major impact, but we are looking, again, as we speak, in coordination with allies and partners at this prospect of banning oil imports," said Blinken on NBC's "Meet the Press."
Prices have since settled to around $125 a barrel.
"Such statements will nonetheless likely continue to severely curtail Russian seaborne oil exports, due to the threat of additional sanctions or of public censure. Case in point, the sole purchase of a cargo on Friday was immediately followed by public reprobration, strongly disincentivizing further Western acquisition, with so far no sign of Chinese purchases either. This leaves risk to our $115/bbl short-term oil forecast clearly skewed strongly to the upside," Goldman Sachs' commodities research team said in a new note.
Oil companies such as Occidental, Transocean, ExxonMobil and Chevron had some of the most visited ticker pages on Yahoo Finance ahead of Monday's opening bell.
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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