Thanks to Russia’s invasion of Ukraine and the world’s tightening oil market, gasoline prices in the United States rose by 11 cents a gallon overnight on Thursday.
According to data from AAA, the national average for regular gas was $3.83 on Friday. That is the highest average price in 10 years.
The price, as it always is, was even higher for California motorists, where the statewide average on Friday was $5.07 a gallon.
More than 50% of the cost of gasoline is set by the crude oil price, which eclipsed $116 a barrel Thursday — the highest since 2008. Other factors driving gas prices: refining, distribution, marketing, and taxes.