Consumers are paying the most at the pump since 2008.
Highlights
- The national average for a gallon of gas hit $4.009 on Sunday, according to AAA, which is the highest since July 2008, not adjusted for inflation.
- The jump in prices follows a surge in the price of oil amid Russia’s war on Ukraine.
- The Biden administration has said for months that they are working to bring down prices at the pump, and in the fall tapped the Strategic Petroleum Reserve.
- Some are calling on the administration to pause the federal gas tax, and some are calling for it to be halted.
- The underlying cost of oil accounts for more than 50% of the cost of gas, and U.S.
- oil is trading at levels not seen since 2008.