Gas prices topped $4 a gallon Sunday and are headed higher as oil hit $125 a barrel early Monday after briefly flirting with $140 in overnight trading as the White House considers an import ban on Russian energy.
The escalating war in Ukraine is playing havoc with world currency and commodity markets and that is most commonly felt in the price of oil. Every $10 a barrel that oil increases leads to about a 25 cent rise in the price at the pump. Gas prices have already risen more than 40 cents in the past week.
The national average price of gasoline surpassed $4 per gallon in the U.S for the first time since 2008 on Friday, according to GasBuddy, putting it just 10 cents below the record of $4.103 per gallon. In some states, depending on local tax rates and environmental restrictions, the price has breached $5 a gallon.
The post $4 Gas Now a Reality as White House Weighs Ban on Russian Oil originally appeared at U.S. News & World Report.