Midland/Odessa is in the middle of a gas price spike and it could reach records like in 2008.

According to the Midland Reporter-Telegram, AAA Texas is reporting that gas prices are spiking with an increase of 16 cents over the past week.

The average price in Midland is $3.48 a gallon and $3.43 in Odessa while the state average is $3.38.

Prices could hit record highs in the Permian Basin, the record high price for gas in Midland/Odessa is $4.04 which was set in July 2008.

The price of oil is currently sitting at $112 a barrel.

“Oil prices have skyrocketed to 11-year highs due to the volatility in global crude markets caused by Russia’s invasion of Ukraine,” said AAA Texas spokesperson Daniel Armbruster. “Demand for gasoline will only increase as spring approaches and more people travel. Couple that with rising crude oil prices and drivers can expect to continue to see even higher fuel prices in the days and weeks ahead.”

According to AAA Texas, the state average has not been at $3.38 since August 2014.

Nationwide the average is $3.73 which was an increase of 19 cents.

With the war in Ukraine continuing, we could see the highest gas prices we have ever seen which is pushing the Federal Government to open up reserves which should bring the prices down some.

No one knows how long this war between Russia and Ukraine could continue which makes us all worry about what gas prices could look like if it lasts into next year or the next or if it could be over by summer.

15 Ways You Can Help People in Ukraine Right Now

As Americans watch events unfold in Ukraine, many wonder how they can help. Below is a list of organizations responding to the crisis in Ukraine along with information on how you can support their various missions. 

LOOK: See how much gasoline cost the year you started driving

To find out more about how has the price of gas changed throughout the years, Stacker ran the numbers on the cost of a gallon of gasoline for each of the last 84 years. Using data from the Bureau of Labor Statistics (released in April 2020), we analyzed the average price for a gallon of unleaded regular gasoline from 1976 to 2020 along with the Consumer Price Index (CPI) for unleaded regular gasoline from 1937 to 1976, including the absolute and inflation-adjusted prices for each year.

Read on to explore the cost of gas over time and rediscover just how much a gallon was when you first started driving.

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