Average US gas price rises 22% in two weeks to record $4.43

The average U.S. price of regular-grade gasoline shot up a whopping 79 cents over the past two weeks to $4.43 per gallon

CAMARILLO, Calif. -- The average U.S. price of regular-grade gasoline shot up a whopping 79 cents over the past two weeks to a record-setting $4.43 per gallon (3.8 liters) as Russia's invasion of Ukraine is contributing to already-high prices at the pump.

Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday the new price exceeds by 32 cents the prior all-time high of $4.11 set in July 2008. But that's still quite a ways from the inflation-adjusted record high of about $5.24 per gallon.

The price at the pump is $1.54 higher than it was a year ago.

Lundberg said gas prices are likely to remain high in the short term as crude oil costs soar amid global supply concerns following Russia’s invasion of Ukraine.