According to a new report from the Wall Street Journal gas prices are now rising at the highest rate on record.
The Details: If March prices continue to average at least $4.22/gallon, as they have so far, it will indicate that Americans have been forced to endure the highest month over month gas price increases since records began to be kept in the 1970’s.
The state of Nevada saw the biggest increase in prices, registering a month over month increase of $1.15/gallon. While the national average remained around $.72/gallon.
Thought gas prices are also effected by by regulations and taxes, the bulk of the cost comes from the price of crude oil. A commodity which has seen a significant rise in price since Russia began its invasion of Ukraine in February.
As long as crude oil prices continue to be elevated prices at the pump will likely continue to be elevated.