The national average price for a gallon of regular gas stood at $3.92 a gallon Saturday, according to AAA. That is the highest price since April 2012.
Gas prices have soared 26 cents since Wednesday and 39 cents, or 11%, since February 23, the day before Russia's invasion of Ukraine. Each of those increases marks the largest price hikes since Hurricane Katrina slammed into the US Gulf Coast in 2005, devastating the nation's oil and gas industry.With prices rising so rapidly, a national average of $4 a gallon, as well as the record $4.11 set in 2008, will probably be reached soon.
There have been calls for the United States to ban the import of Russian oil. But that probably would have limited impact on either global or US prices since so little of it is being shipped to the United States, Kloza said. "It's not mission-critical. Canada, Mexico, Saudi Arabia -- those are the big boys" in terms of US oil imports, said Kloza."Russia is a bit player.
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