The average price for a gallon of gasoline in the U.S. hit a new record high of $4.104 on Monday, surpassing the previous record of $4.103 set in 2008 according to data from GasBuddy.
"Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious," GasBuddy head of petroleum analysis Patrick De Haan said in a statement announcing the news.
"That combination makes this situation all the more remarkable and intense, with crippling sanctions on Russia curbing their flow of oil, leading to the massive spike in the price of all fuels: gasoline, diesel, jet fuel and more," he explained.
"It’s a dire situation and won’t improve any time soon," De Haan continued. "The high prices are likely to stick around for not days or weeks, like they did in 2008, but months. GasBuddy now expects the yearly national average to rise to its highest ever recorded."