U.S. gas prices surge at fastest rate since Hurricane Katrina in 2005

U.S. gas prices surge at fastest rate since Hurricane Katrina in 2005

Russia-Ukraine conflict is driving major jump in prices

By Just the News staff

The price of a gallon of gas in the United States jumped precipitously this week, surging at rates not seen since the devastating landfall of Hurricane Katrina over a decade-and-a-half ago.

Prices jumped an average of roughly 10 cents nationwide overnight, according to data from Triple-A. Gas rates stood at an average of $3.92 per gallon on Saturday morning, up from $3.83 on Friday.

That’s up from $3.59 a week ago and $2.75 a year ago.

The spiraling prices were last seen increasing at so fast a rate when Hurricane Katrina battered the U.S. Gulf Coast, disrupting oil refineries, destroying infrastructure and sending prices at the pump soaring for a brief period.

Tom Kloza, the head of energy analysis for the Oil Price Information Service, told CNN this week that average prices could rise to “​​a new record of between $4.25 to $4.50 a gallon,” according to the news service. 

“This is not the end of it,” Kloza said, calling the price spikes “absolutely out of control.”



Labor shortage leads New Jersey, Oregon to consider allowing residents to pump their own gas

Federal Reserve Chairman Powell announces increase in interest rates this month

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(TLB) published this article with permission of John Solomon at Just the News.  Click Here to read about the staff at Just the News

Some emphasis and pictorial content added by (TLB)

Header featured image (edited) credit: Price reader board/Getty Images



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