Gas Prices Hit New Yearly High, Driven by Cost of Crude Oil

Cars line up to buy gasoline at a gas station in Miami, Fla., on May 12, 2021. Chandan Khanna/AFP via Getty Images

Gas prices hit a nationwide average of $3.08 per gallon on Monday, driven by the cost of crude oil.

Crude oil passed $70 a barrel, the highest price since October 2018, according to the American Automobile Association (AAA). Price per barrel has jumped $23 per barrel since January.