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Read & Share: U.S. Gas Prices Climb Towards Record High

U.S. Gas Prices Climb Towards Record High



U.S. and global oil benchmark prices climbed to their highest levels since 2011 and 2014, respectively, after OPEC and its oil-producing allies decided to stick to their plan of gradual output hikes, despite the escalation of the Russia-Ukraine conflict.

For Americans, already plagued by inflation, that likely means more pain at the pump, as gas prices continue to climb towards their all-time high, set in the summer of 2008. At a national average of $3.61 per gallon of regular gasoline on Monday, prices have climbed $1 over the past year and are now just 50 cents below their record high of $4.11.

According to the U.S. Energy Information Administration, prices have already surged past that mark in several U.S. cities, especially on the West Coast. And while the national average has yet to hit $4 per gallon, some analysts fear that it’s only a matter of time before prices reach $5 in some major cities.

Source: Statista


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Mike Mercurio | | 301-575-0332

Michael N. Mercurio is a leading attorney in the field of mergers and acquisitions (M&A). He serves as outside general counsel in buy-side and sell-side M&A, as well as in all business law and real estate law matters. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on the many challenges, issues, and opportunities companies face throughout the business lifecycle—from start-up to eventual exit.







Offit Kurman, one of the fastest-growing, full-service law firms in the United States, serves dynamic businesses, individuals and families. With 17 offices and nearly 250 lawyers who counsel clients across more than 30 areas of practice, Offit Kurman helps maximize and protect business value and personal wealth by providing innovative and entrepreneurial counsel that focuses on clients’ business objectives, interests and goals. The firm is distinguished by the quality, breadth and global reach of its legal services and a unique operational structure that encourages a culture of collaboration. For more information, visit