US Experience 30% Increase In The Price Of Gas Than It Was Before Russia Invaded Ukraine

Pump prices just took another big step in the wrong direction.

The US national average for regular gasoline climbed by five cents on Wednesday to a fresh record of $4.67 a gallon, according to AAA.

That leaves gas prices up by 48 cents in the past month alone.

It is now 32% higher to fill up your tank than it was the day before Russia invaded Ukraine.

No states have an average of $4.15 or lower, with George coming in at the lowest with $4.16.

Andy Lipow, president of Lipow Oil Associates, said he expects the national average to hit $4.75 in the next 10 days.

Oil prices, the biggest component of pump prices, continue to move higher.

Brent crude, the world benchmark, gained 1% on Tuesday to close at the highest level in nearly three months. Brent is up another 1.2% Wednesday morning. The gains come after Europe agreed to phase out 90% of Russian oil imports by the end of the year.

The national average for regular gas is now 44 cents higher than on the day US President Joe Biden announced the largest-ever release of oil from the Strategic Petroleum Reserve in late March.