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US ‘cents away’ from record on average price for a gallon of gas

Average price hits $4 a gallon for the first time since 2008
Published: Mar. 5, 2022 at 9:22 PM CST
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MEMPHIS, Tenn. (WMC) - You’re seeing it at every gas station when you drive down the street, a higher gas price than you saw the day before.

It’s to a point where filling up the tank is a dread, seeing those numbers climb up on the total when all’s said and done.

“It’s Outrageous,” said Memphis resident Morgan Smith.

“It’s gotten out of hand,” echoed Matthew Walker.

GasBuddy has reported the national average price per gallon went up 41 cents this past week, narrowly missing the all-time record for weekly spikes.

What’s worse is unleaded is the lowest of the gas prices.

One Memphis driver showed us a picture he took on his phone of the price for diesel he put in his truck, $5 a gallon.

“I drive a small SUV, and it cost me $75 to fill my tank up last week,” Smith said, reminiscing when her total would be less than half that two years ago.

These aren’t the only drivers feeling the pain and the pump.

We went and filled up the Action News 5 Storm Tracker today, filling up where the gas was $3.99.

It only needed 2/3 of a tank, but our total was still $80 for 20 gallons of gas.

Memphian Rico Coleman was at the next pump over from us and only spent $5, just enough to get by, he said.

“It’s a crying shame,” Coleman said. “Gas shouldn’t be that high. It really shouldn’t.”

“It affects the whole community,” Walker said. “I mean, it’s the life blood of America, essentially until we switch to electric, but not everyone can afford that.”

“If supply goes down, prices go up,” said Michael Nelson, Action News 5′s Political Analyst.

We asked Nelson on the current situation in Ukraine and how the U.S. still imports hundreds of thousands of barrels in crude oil from Russia every day.

Several lawmakers have called for the country to sever ties with Russian oil, and it could hike prices even higher.

“It’s all one, big, global market,” Nelson said, adding that the U.S. doesn’t import as much Russian oil as Europe does. “I don’t see this as a long-term problem, but in the short term, which is where we live, it sure does pinch.”

Nelson also pointed out that we’re not even into the summer travel period, which is the highest gas consumption period of the year.

GasBuddy anticipates we will see record-setting prices at the pump before too long.

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