Gas prices increase by highest rate since Hurricane Katrina

Any motorist who has filled up at a fuel pump recently knows that the cost has spiked significantly over the past several days.

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Several factors — notably inflation and the Russia-Ukraine conflict — have contributed to the sticker shock that drivers across the nation and around the world are experiencing.

In fact, the latest surge in gas prices is the largest in well over a decade.

The average cost of a gallon of gasoline rose by a staggering 18 cents over the course of just two days. Fuel is about 29 cents per gallon more expensive than it was when Russian forces first invaded neighboring Ukraine.

Experts warn the news is likely to get even worse for consumers.

Tom Kloza of Oil Price Information Service explained: “This is not the end of it. We’re already up another 14 cents on wholesale gas prices this morning. It’s absolutely out of control.”

The last time fuel costs rose so quickly was in the immediate aftermath of Hurricane Katrina.

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