Why Are Gas Prices So High 2024 Usa. Here's what caused prices to soar. Gas prices bottomed at $3.07 a gallon nationally on january 15.

Wholesale gas prices are determined by how much it costs energy suppliers to buy gas from domestic and international producers. Gas prices were already expected to breach the $4 a gallon mark for the first time since 2008, with or without shots fired in eastern europe or economic sanctions.