The report shows that gas prices hit an all-time high of $4 a gallon for the first time in 14 years

HOUSTON, Texas (KTRK) – Gas prices are nearing levels not seen in 14 years.

According to the American Automobile Association, the price of a gallon of regular unleaded gasoline hit $4 on Sunday.

It’s the highest price since 2008, when it set an all-time record of $4.11.

On Sunday, the average for Texas was $3.66 a gallon, according to the AAA. The all-time record for Texas was $3.98 in July 2008.

GasBuddy has released a new outlook, forecasting a new all-time record with prices continuing to rise through the summer.

“Seasonal factors, including increased demand for gas, refinery maintenance and the switch to summer blended gas, in addition to current geopolitical tensions, could push prices to $4.25 a gallon by Memorial Day,” GasBuddy said in a press release.

Gas prices are rising for a number of reasons. University of Houston finance professor Craig Pirrong said prices had already been high due to supply chain issues and the pandemic.

“Ukraine has aggravated and aggravated the situation,” Pirrong said. “To be honest, whether we stand by them or not is probably secondary. Only the war itself is disruptive.”

The video above is from a previous story

This is a disruption to Russia’s oil supplies.

“A lot of banks say, ‘Hey, we’re afraid of being sanctioned, so we won’t lend the money.’ Because of this, part of the Russian production does not reach the market,” said Pirrong.

SEE RELATIVES: Gas prices are up a quarter in a week: How high they could go and for how long

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Dais Johnston

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