Gas prices hit an all-time high nationwide Monday at over $4 a gallon, surpassing the previous mark in 2008.
And once again, the most expensive gas is in California.
The lowest prices in the South Bay included the Costco in Santa Clara and Moe’s Stop in San Jose at $4.74 a gallon -- if you use cash.
Drivers lined up and had to wait about 15 minute to fill up.
One family driving a Ford Excursion said it’s worth it.
“At the moment, they’re stopping you at $100. Well this was last week, which is only 23 gallons [for me], this has got a 46 gallon tank,” said Shelly Mackay of San Jose.
The U.S. and Europe appear closer to banning Russian oil imports.
Energy experts say it could do real damage to Russia, which accounts for 10% of the global oil supply.
“If we really are able to hobble their ability to sell oil, the good news is it will make it much more difficult to continue the war they’re waging against Ukraine,” said Severin Borenstein of UC Berkeley. “The bad news is, that will raise the price of crude oil which will raise our price of gasoline even further.”
He said that for every dollar added to the price of a barrel of crude oil – it’ll cost another 2.5 cents at the pump.
And it’s too early to tell when it might level off.