Gas prices reach 7-year high

The average price for a gallon of gasoline in the U.S. hit a seven-year high, according to AAA. 

Currently, the national average is hovering around $3.423 per gallon. In September 2014, the national average was at about $3.4281, AAA spokesperson Andrew Gross told FOX Business. 

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Meanwhile, the average price per gallon in every state is about $3, although Texas and Oklahoma still have some counties under $3, Gross said. 

The average in California, on the other hand, is $4.663 per gallon, according to AAA figures.

Gross said the prices are likely to creep even higher "for a while," mainly due to rising tensions overseas pushing crude oil prices higher. 


"The main culprit is the tension created by Russia's threats toward Ukraine," Gross said. 

Previously AAA noted that any financial sanctions imposed on Russia based on their actions toward Ukraine may cause the country to withhold crude oil from the global market, driving up oil prices. However, Russia would also suffer from doing so, Gross explained. 

On top of geopolitical tensions, the other key factors in keeping prices elevated are the cold weather and the fact that OPEC+ production is still below pre-pandemic levels. 

The national average could top $3.428 a gallon on Saturday, Gross said.