The pain at the pump has never been more intense.
According to auto club AAA, the price of a gallon of gasoline reached its all-time high on Tuesday.
The national average for a gallon of gas was $4.17, AAA says. That broke the previous record set in 2008 of $4.12. AAA began tracking gas prices in 2000.
In Tennessee, the state average for gasoline was $3.96 on Tuesday. That’s up 51 cents in a week and 78 cents in a month, according to AAA.
So how high will gas prices climb?
“We’ve never been in this situation before with this level of uncertainty,” said Patrick De Haan, an analyst with GasBuddy. “Americans will be feeling the pain of the rise in prices for quite some time.”
Added Megan Cooper, a spokesperson for AAA, “At this point it’s difficult to project exactly how high gas prices are going to get. Given the recent surge in crude oil prices, it’s likely that we will see another 10-20 cent hike in pump prices over the next week. If we continue to see surges in the price of crude oil, we can also expect to see additional increases at the pump.”
De Haan predicts America will zip right past the $4 per gallon threshold and push closer to $4.50 a gallon before prices begin to stabilize.
President Joe Biden announced Tuesday the U.S. will ban all Russian oil imports. Biden said, “We will not be part of subsidizing Putin’s war.”
However, Biden warned that Americans would see even higher gasoline prices as a result. “Defending freedom is going to cost,” Biden said.
Russian Deputy Prime Minister Alexander Novak warned on Monday that oil prices would climb to $300 a barrel if the U.S. banned oil imports from Russia. Oil was trading around $120 a barrel on Tuesday.