Prices at the pump hitting record highs

With crude oil prices skyrocketing, gas prices are along for the ride.

GasBuddy reported early March 7 that U.S. gas prices had climbed into the record-high territories that emerged during the Great Recession in 2008. The company, which monitors prices at 150,000 gas stations across the U.S., called the spikes in gas prices "unprecedented," reporting an average national price of about $4.06 per gallon—roughly 20 cents shy of the all-time record high set in 2008.

"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 (per gallon)," Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement.

California, he added, is likely to see gas prices as high as $6 per gallon in the near future. And it's a price point that likely won't see relief any time soon.

As it turns out, the near future is here.

California, on March 28, averaged $5.92 per gallon, according to AAA. Several counties—including Los Angeles, Orange and San Diego—averaged more than $6 per gallon, roughly $1.75 above the national average ($4.25). Mono County had the highest average in the state at $6.75 per gallon.

The national average, meanwhile, continues to climb. It eclipsed the $4.30 mark in mid-March, but fell to $4.25 by March 28. Nonetheless, it marks a significant increase over one month ($3.49) and one year ($2.86) ago.

"Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious," De Haan said. "That combination makes this situation all the more remarkable and intense, with crippling sanctions on Russia curbing their flow of oil, leading to the massive spike in the price of all fuels: gasoline, diesel, jet fuel and more."

The Associated Press reported that gas prices in Europe are surging even further, averaging about 1.75 euros a liter the week of March 7, the equivalent of about $7.21 a gallon, according to the European Commission.

But prices are climbing even as the price of oil appears to be coming down—at least in the short term, relatively speaking. The cost per barrel of crude oil fell by more than $30 in the week between March 7 and 14. Prices of West Texas Intermediate and Brent crude hit or topped the $130 mark March 7 before falling back to around $100 by March 28.

"It bears reminding that the cost of oil accounts for about 50 percent of what drivers pay at the pump," AAA spokesperson Andrew Gross said in a statement. "This war is roiling an already tight global oil market and making it hard to determine if we are near a peak for pump prices, or if they keep grinding higher. It all depends on the direction of oil prices."

And when it comes to oil prices, there likely won't be much good news ahead, according to Bill Hyde, IHS Markit's director of olefins and elastomers.

"Oil prices are incredibly uncertain right now," Hyde said. "Our guys have several forecasts out there on crude oil pricing. Right now, they are calling for a pretty significant increase for April."