U.S. gas prices surge at fastest rate since Hurricane Katrina in 2005

Russia-Ukraine conflict is driving major jump in prices.

Updated: March 5, 2022 - 4:50pm

The Facts Inside Our Reporter’s Notebook

The price of a gallon of gas in the United States jumped precipitously this week, surging at rates not seen since the devastating landfall of Hurricane Katrina over a decade-and-a-half ago.

Prices jumped an average of roughly 10 cents nationwide overnight, according to data from Triple-A. Gas rates stood at an average of $3.92 per gallon on Saturday morning, up from $3.83 on Friday. 

That’s up from $3.59 a week ago and $2.75 a year ago. 

The spiraling prices were last seen increasing at so fast a rate when Hurricane Katrina battered the U.S. Gulf Coast, disrupting oil refineries, destroying infrastructure and sending prices at the pump soaring for a brief period. 

Tom Kloza, the head of energy analysis for the Oil Price Information Service, told CNN this week that average prices could rise to “​​a new record of between $4.25 to $4.50 a gallon,” according to the news service. 

"This is not the end of it,” Kloza said, calling the price spikes “absolutely out of control.”

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