DENVER (CBS4/AP) – The average cost for a gallon of gas has gone up 43 cents in the last seven days in Denver. The average price, according to AAA, in Colorado is $3.75 per gallon. The war in Ukraine is to blame for the spike.
The U.S. average price per gallon is now more than $4 for the first time in a decade. Experts warn prices will rise even more.
“Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50,” said GasBuddy analyst Patrick De Haan. “We’ve never been in this situation before, with this level of uncertainty… Americans will be feeling the pain of the rise in prices for quite some time.”
An American ban Russian oil could further fuel inflation heading into the midterm elections this November.
In addition to fuel, the cost for wheat could also rise as Russia and Ukraine supplied nearly a third of the world’s wheat in 2021.
(© Copyright 2022 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)