Tom Holland's 'Uncharted' wins box office again after 'Spider-Man'

Jake Coyle

Associated Press

NEW YORK — For the eighth time in the last two and a half months, a movie starring Tom Holland is No. 1 at the box office.

The Sony Pictures videogame adaptation “Uncharted,” starring Holland and Mark Wahlberg, led ticket sales for its second weekend of release with $23.3 million, according to studio estimates Sunday.

“Uncharted” held well, too, dropping a modest 46% from its $44 million debut. In two weeks, it’s made $83.4 million in U.S. and Canadian theaters.

“Uncharted,” a long-in-development adventure film about lost treasure that cost $120 million to make, is packing theaters overseas, too. With a mid-March China release date still looming, “Uncharted” added $58.3 million overseas, bringing its worldwide gross to $226.4 million so far.

Last week:'Uncharted' wins holiday box office with $51M, riding the appeal of Tom Holland's 'Spider-Man'

The film’s robust international sales includes $46.7 million in two weeks in Russia, where studios have thus far elected to keep movies in release after the country invaded Ukraine earlier in the week. The Ukrainian Film Academy on Saturday called for a boycott of the Russian film industry following the invasion.

On the heels of the blockbuster business for “Spider-Man: No Way Home,” the success of “Uncharted” has minted the expanding star power of the 25-year-old Holland.

'I'm trying to age gracefully':Mark Wahlberg passes shirtless torch to Tom Holland in 'Uncharted'

“No Way Home,” which led the box office six times over December and January, is still one of the top draws in theaters. This weekend, it landed in third place with $5.8 million, edging it closer to $800 million in domestic ticket sales.

While both “Uncharted” and “Spider-Man: No Way Home” have benefitted from brand recognition, rarely has one movie star reigned so much over a 12-week span in theaters.

Review:Tom Holland's action-packed 'Uncharted' maps out a forgettable Indiana Jones knockoff

Star power, too, has kept the Channing Tatum-led “Dog” at the number two spot. The MGM release, which Tatum co-directed with Reid Carolin, declined just 32% with $10.1 million in its second weekend of release.

So far, the film — in which Tatum plays an Army Ranger paired with an Army dog on a road trip — has made $30.9 million against a $15 million budget.

'I can't edit myself':Channing Tatum on directing 'Dog,' 'Magic Mike 3' and Zoë Kravitz

With the release of Warner Bros.′ “The Batman” coming on Friday, few new wide releases opened in theaters — and the ones that did struggled to make an impression.

The Foo Fighters’ horror-comedy “Studio 666,” released by Open Road and Briarcliff Entertainment, went the widest, opening in 2,306 theaters. The movie, starring Dave Grohl and company as themselves while making their 10th record in a haunted house, debuted with $1.5 million.

The repeated delayed “Cyrano,” starring Peter Dinklage, launched in 797 theaters and totaled $1.4 million for MGM.

The musical, directed by Joe Wright, has been warmly received by critics, might have benefitted from a boost in Oscar nominations, but after several major Golden Globe nominations, it landed only a nod for costume design.

More:The best movie musicals of 2021, ranked (including Peter Dinklage's 'Cyrano')

The new release that performed best is five decades old. Paramount’s 50th anniversary, remastered release of Francis Ford Coppola’s “The Godfather” debuted with $900,000 in 156 theaters.

Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Comscore. Final domestic figures will be released Monday.

1. “Uncharted,” $23.3 million.

2. “Dog,” $10.1 million.

3. “Spider-Man: No Way Home,” $5.8 million.

4. “Death on the Nile,” $4.5 million.

5. “Jackass Forever,” $3.2 million.

6. “Sing 2,” $2.1 million.

7. “Marry Me,” $1.9 million.

8. “Studio 666,” $1.6 million.

9. “Cyrano,” $1.4 million.

10. “Scream,” $1.3 million.

Pixar's 'Lightyear' fizzles at the box office - CNN

New York (CNN Business) "Lightyear" wasn't able to get enough buzz at the box office this weekend.

The latest film from Disney's Pixar — which features the voice work of Chris Evans as Buzz Lightyear — opened to an estimated $51 million at the North American box office this weekend.

Disney DIS That number came in way under industry expectations, which projected the film to make around $70 million. The movie took in $85.6 million worldwide, according to

The film also failed to grab the top spot at the box office, opening at No. 2 behind the second weekend of Universal's "Jurassic World: Dominion," which made an estimated $58.6 million.

The opening is a disappointing launch for Pixar — one of the most successful and popular studios in all of Hollywood. The animation studio — which has produced hits including "Toy Story," "The Incredibles" and "Finding Nemo" — has made $14.7 billion at the global box office.

Read More

'Top Gun: Maverick' soars to a big opening at the box office - CNN

New York (CNN Business) "Top Gun: Maverick" felt the need for speed at the box office this weekend.

The sequel to the 1986 blockbuster , which has Tom Cruise reprise his most iconic role of Pete "Maverick" Mitchell, made an estimated $124 million domestically for its three day opening weekend, according to Paramount.

That not only jets past expectations, which initially projected "Maverick" to make closer to $80 million, but stands as Cruise's biggest opening weekend in his more than 40-year career. It's Cruise's first $100 million opening weekend and the third biggest debut of the year.

Paramount said that "Maverick" is projected to make $151 million over the four-day Memorial Day weekend at the US box office. If the sequel, which has Cruise's Maverick teaching a new group of Top Gun pilots, lands at that number Monday, it'll be one of the highest openings ever for a Memorial Day weekend.

Globally the film has earned $248 million so far, according to Paramount, which said that 55% of the US total came from ticket buyers over age 35.

Read More

'Top Gun: Maverick' jets to new box office records - CNN

New York (CNN Business) "Top Gun: Maverick" took off at the box office this weekend — setting a new record in the process.

The sequel to the 1986 blockbuster, which has Tom Cruise reprise his most iconic role as Pete "Maverick" Mitchell, made an estimated $156 million domestically for its four-day opening weekend, according to

That gives the film the record for biggest opening over the Memorial Day holiday weekend, overtaking "Pirates of the Caribbean: At World's End," which made $153 million in 2007.

On top of all of that, "Maverick" is the third-biggest debut of the year behind two superhero films, Marvel's " Doctor Strange in the Multiverse of Madness " and Warner Bros.' " The Batman ."

Studios and theaters couldn't ask for a better way to dive into the summer — the film industry's most lucrative season.

Recently, Paramount has struggled to find its footing in an ever-evolving Hollywood.

That's not the case in 2022.

Films such as "Scream," "The Lost City" and " Sonic the Hedgehog 2 " have helped give a boost to Paramount and "Maverick" continues that trend.

As for theaters, "Maverick" is another blockbuster helping the industry rebound from two brutal years of the pandemic decimating the business.

"Top Gun: Maverick," which garnered a stellar 96% score on review site Rotten Tomatoes, now has a clear runway to rack up even more success at the box office. There's not another major film on the docket until Universal's " Jurassic World: Dominion ," which opens June 9.

'Jurassic World: Dominion' roars to big opening weekend at the box ...

New York (CNN Business) The end of the Jurassic era arrived with a deafening roar at the box office.

The opening for "Dominion" roughly falls in line with the debut of the prior film in the series, "Jurassic World: Fallen Kingdom," which opened to $148 million in 2018. That's impressive considering how different the box office marketplace is compared to just five years ago.

Another impressive feat is that the film found an audience despite some pretty awful reviews . "Dominion" notched the lowest critics score of the series on review site Rotten Tomatoes, bringing in a 30% rating.

The big weekend adds to the film's worldwide haul of $389 million since opening overseas last week.

Patrick Ryan

USA TODAY

Star Wars: The Force Awakens hit a minor speed bump at the box office.

The sci-fi blockbuster ended its four-week run at No. 1 over the Martin Luther King Jr. Day weekend, relinquishing the throne to Ride Along 2, which cruised to $34 million, according to estimates from box-office tracking firm Rentrak.

"It's inevitable — no movie can stay No 1 forever," Rentrak senior media analyst Paul Dergarabedian says. "There are no tears being shed over at Disney. They rewrote the record books with Star Wars," which fell to third place this weekend, but still managed $25.1 million.

J.J. Abrams on Rey's Monopoly controversy, 'Star Wars' success

Force has now amassed $851 million in the USA since mid-December and nearly $1.9 billion worldwide, making it the third-highest-grossing movie ever behind Avatar ($2.8 billion) and Titanic ($2.2 billion). But could the record-breaking franchise entry eventually overtake James Cameron's juggernauts?

"Avatar is a billion dollars away — that's a lot of box office," Dergarabedian says. It should easily enter the $2 billion club, "but where it ends up in that very rarefied air remains to be seen. The most impressive thing is the speed at which it's broken these records."

Box-office champ Ride Along 2 opened below the $41.5 million its predecessor made the same weekend in January 2014. That movie also starred Kevin Hart and Ice Cube, and became a sleeper hit with $134.9 million total, despite abysmal reviews. Ride Along 2 was similarly panned by critics, earning just 14% positive reviews on aggregate site Rotten Tomatoes; audiences liked it better, giving the movie a 65% approval rating.

Kevin Hart, Ice Cube hit the gas for 'Ride Along 2'

After leading the Oscar nominations with 12 nods Thursday, The Revenant persisted with an impressive $29.5 million and a No. 2 finish in its second weekend of wide release. The wilderness survival film starring Leonardo DiCaprio earned Golden Globe Awards last weekend for best actor in a drama (DiCaprio), director (Alejandro González Iñárritu) and movie drama and has overperformed with $87.7 million so far.

Boosted by DiCaprio's star appeal, "there's no question that it's going to ride this wave of awards season buzz — the momentum is just building," Dergarabedian says. "Oscar nominations are never a bad thing, and for those that may be on the fence about seeing the movie, 12 nominations is a pretty healthy motivator."

Here's why John Krasinski and Emily Blunt are the baddest couple alive

Rounding out the top five, Michael Bay's 13 Hours: The Secret Soldiers of Benghazi launched with $16 million in fourth place, well below the national releases of other true-life modern war films American Sniper ($89.3 million) and Lone Survivor ($37.8 million) in previous Januarys. Meanwhile, Will Ferrell and Mark Wahlberg's Daddy's Home held strong with $9.3 million ($129.3 million to date) in fifth place.

Final numbers are expected Monday.

'Minions: The Rise of Gru' breaks box office records | CNN Business

New York (CNN Business) The Minions went bananas at the box office this weekend.

Illumination's " Minions: The Rise of Gru " — the latest animated film in the Despicable Me franchise — made an estimated $125 million domestically for its four-day opening weekend, according to Universal.

That gives the film the record for biggest opening over the July 4th holiday weekend, overtaking "Transformers: Dark of the Moon," which made $115 million in 2011.

Disney DIS The opening is a huge shot in the arm for theaters. The industry has been anxiously waiting to see if families — who have been somewhat reluctant to bring their children to the movies during the pandemic — would return to theaters. While there have been family-friendly hits such as " Sonic the Hedgehog 2 ," this question became more pressing after's and Pixar's "Lightyear" flopped at the box office last month.

But the performance of "Minions" shows that not only do families want to come back, but they'll come back in large numbers for the right film.

'Top Gun: Maverick' soars to big second weekend, crosses $500 ...

The sequel to the 1986 blockbuster — which has Tom Cruise 's Pete "Maverick" Mitchell teach a new set of recruits about the need for speed — made an estimated $86 million domestically in its second weekend, according to

That's a drop of just 32% from the film's record setting opening last weekend. That type of a drop for a blockbuster is pretty remarkable since most are front loaded — making a lot of their money in the opening weekend.

"Maverick" notched the lowest percent change for any film that's opened to $100 million, according to Paramount.

To put the second weekend of "Maverick" into further context, other major films such as May's " Doctor Strange in the Multiverse of Madness " dropped 67% in its second weekend and March's "The Batman" dropped 50%, according to

Globally, the film has earned $548.6 million so far, according to Paramount.

Why the film — which also stars Miles Teller, Jennifer Connelly and Jon Hamm — has retained much of its draw makes sense considering that it has notched acclaim from both critics and audiences.

It also had relatively no competition at the box office this weekend. However, that will change next week when Universal's " Jurassic World: Dominion " hits theaters.

Yet, the success of "Maverick" so far can't be overstated.

The film made $160.5 million domestically for its four-day opening over Memorial Day last weekend — a new record for biggest opening over the holiday.

"Maverick" was supposed to hit theaters in 2020, but was delayed multiple times because of the pandemic. While other theatrical films pivoted to streaming, "Maverick" waited until audiences could experience it on the big screen — a strategy Cruise was adamant about.

So far, that strategy has helped "Maverick" hit heights rarely seen by other films.

'Jurassic World: Dominion' looks to roar at the box office with the ...

New York (CNN Business) An adventure 65 million years in the making comes to a conclusion this weekend when " Jurassic World: Dominion " stomps into theaters.

The Universal film explores a world in which dinosaurs are not just running amok on a remote island, but all over Earth. That concept — alongside a brand that has raked in about $5 billion worldwide over five films — could be enough to pull viewers into theaters.

But dinosaurs and name recognition aren't the only things "Dominion" has working for it.

"Dominion" brings back the three stars from the original "Jurassic Park," Sam Neill, Laura Dern and Jeff Goldblum, alongside the younger characters of the series played by Chris Pratt and Bryce Dallas Howard.

If the cast from the original — one of the highest-grossing films of all time — wasn't enough, "Dominion" is also billed as the final movie of "the Jurassic era."

The film is expected to take in roughly $125 million domestically in North America this weekend, and has already made more than $55 million overseas after opening internationally last week. It notched $18 million domestically in preview screenings on Thursday night.

"What has always made the Jurassic films special is the age-old trope: man vs beast," Jeff Bock, senior analyst at entertainment research firm Exhibitor Relations, told CNN Business. "It's a horror film. It's an adventure film. It's an action film. It's a drama. It's an existential comedy at times. It's all the things."

And it's yet another film that's banking on nostalgia to bring in older moviegoers — an important demographic that has been mostly absent from theaters since the pandemic's onset.

"You're really trying to get everybody"

"Jurassic World: Dominion" is trying to break the box office this weekend.

Not many films have changed the course of cinema. "Jurassic Park" did.

The 1993 film directed by Steven Spielberg transformed the movie industry with its unprecedented use of special effects. Its impact — much like the film's famous scene where reverberations in a glass of water signal the potentially deadly approach of a T-Rex — are still felt today.

So bringing back the cast from that film is a smart box office strategy for Universal.

But "Dominion" isn't trying to specifically reach those over the age of 35 who watched the first film in theaters.

"With the movie of this size, you're really trying to get everybody," according to Michael Moses, the chief marketing officer for Universal Pictures. "It is at once both meant to attract audiences who have been with us from the very beginning, but also ones who joined along the way."

And having the legacy cast members join in the adventure is not just a gimmick to pull in an older audience.

"They're not in the movie as window dressing or in a single scene. They are actually fully integrated into the narrative of the movie," Moses said. "It really is trying to honor the entirety of the franchise.

That said, reaching out to an older audience has been a successful move at the box office lately.

"'Jurassic World: Dominion' is not only trying to bridge the gap between trilogies, but also between demographics," Bock said. "The hope here is that the same audiences that have returned to theaters for perhaps the first time since the pandemic began with 'Top Gun' are now ready to frequent theaters on a more regular basis."

The end of the Jurassic era... maybe

The film is hoping that bringing back the original cast of "Jurassic Park" could boost ticket sales.

There is one menace, however, that "Dominion" still faces: it could get eaten alive by bad reviews. The film currently has a 34% score on Rotten Tomatoes — the worst score in the series.

"The nostalgia factor gives the movie an initial jolt, and there are, of course, some dino-sized thrills, but not enough to lift this XL-sized mediocrity out of the gene pool's shallow end," Brian Lowry, CNN's media critic, wrote in his review.

Then again, only two films in the series have had positive review scores on Rotten Tomatoes (the 1993 original and 2015's "Jurassic World"), and that hasn't stopped the series from selling tickets.

So a film like "Dominion" may be review-proof — this weekend, at least — especially if audiences want to get one last glimpse at the series.

Because if this really, really is the end of the Jurassic series (don't forget, the 9-film "Fast & Furious" franchise has been doing "one last ride" over multiple films) the films' legacy will be its status as a pop culture touchstone as well as a huge moneymaker.

"When you picture a dinosaur, or when you imagine what a dinosaur sounds like, it's almost certain that that memory is formed by the Jurassic movies more than anything else," Moses said. "And so, that's a very powerful thing to reach that kind of cultural status beyond just a cinematic moment."

'Revenant' survives winter storm Jonas to win weekend box office ...

Bryan Alexander

USA TODAY

It’s fitting that a grueling survival movie would endure a weekend box office decimated by winter storm Jonas.

Leonardo DiCaprio and The Revenant pulled through the elements, earning $16 million to take No. 1 after a historic blizzard closed cinemas on the East Coast.

It's the first time in The Revenant's five weekends in theaters (its third nationwide) that the movie has topped the box office, with a haul to date of $119.2 million.

"Studios often blame poor weekends on bad weather, but that was truly the case during Jonas. It was a big deal for a number of movies," says Paul Dergarabedian, senior media analyst for Rentrak. "But The Revenant did something astonishing this weekend taking the top spot with this intense wilderness epic. It's flourishing."

'The Revenant': Who was the real Hugh Glass?

Director Alejandro González Iñárritu's film focusing on rugged frontiersman Hugh Glass (played by DiCaprio) boasts 12 Academy Award nominations, leading all films.

Star Wars: The Force Awakens landed in second place for the weekend with $14.3 million, bringing its record-breaking domestic total to $879.3 million.

Kevin Hart and Ice Cube's Ride Along 2, which was heavily favored to win the box office for a second consecutive weekend, ended up in third with nearly $13 million ($59.1 million total).

The rest of the Jonas-affected slate included several newcomers, which already had modest expectations typical of January releases.

Zac Efron and Robert De Niro's spring break comedy Dirty Grandpa sputtered into fourth with $11.5 million in its opening weekend.

The R-rated movie did not screen early for critics and was beaten up severely in reviews. It scored a paltry 8% favorable critical rating on aggregate site RottenTomatoes.com and a B audience grade on CinemaScore.

Box office: 'Ride Along 2' coasts to No. 1

Horror film The Boy rounded out the top five with $11.3 million in its opening weekend, pulling a heavily Latino (41%) and female (62%) audience. The Boy, made on a budget of less than $10 million, scored a 29% critical rating on RottenTomatoes.com and a B- on CinemaScore.

Chloë Grace Moretz's sci-fi fantasy The 5th Wave opened in sixth with $10.7 million. Moretz told East Coast fans on Twitter not to brave the elements to see the young-adult film, based on the books by Rick Yancey.

The 5th Wave sputtered with a 19% critical rating on RottenTomatoes.com and a B- on CinemaScore.

"Jonas had an impact on what would already have been some bland January openings, including Dirty Grandpa," says Jeff Bock, box office analyst for Exhibitor Relations. "The Boy cost $10 million, so it will be fine. The 5th Wave was disappointing; Sony had hoped to start a franchise with this film, and you can't do that with a $10 million opening."

Final numbers are expected Monday.


Why US gas prices are at a record and why they'll stay high for a ...

New York (CNN Business) Russia's invasion of Ukraine is a major reason that US drivers are paying record prices for gasoline . But it's not the only cause of the spike.

Numerous factors are pushing prices up, with regular gasoline hitting a record $4.87 a gallon Monday according to AAA's survey — up 25 cents a gallon in just the last week.

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 imposed on Russia. But now the national average is expected to hit $5 a gallon within the next two weeks, said Tom Kloza, global head of energy analysis for the OPIS, which tracks gas prices for AAA.

"I think we reach $5 somewhere between this weekend and Juneteenth/Father's Day weekend," he said.

It was back in March that prices first broke the record of $4.11 a gallon, which had stood since 2008. That now seems like the good old days: The national average has been rising steadily for the past month, setting 27 records in the last 28 days.

More than one out of every five gas stations nationwide is now charging more than $5 a gallon for regular, and just more than half are charging $4.75.

There are 10 states, plus Washington, DC, where the average price is already at $5 or more: Alaska, Arizona, California, Hawaii, Indiana, Michigan, Illinois, Nevada, Oregon and Washington. Several more are within a penny of $5, so those states' prices are likely only a day or two at most from crossing the mark.

That's because there's a number of reasons beside the disruption of Russian oil exports driving prices higher according to Kloza. And making predictions about where prices will go has proved difficult. As school let out and summer travel picks up, so will gasoline demand and price, he said.

"Anything goes from June 20 to Labor Day," Kloza said. "We could certainly see the national average approach $6."

Here's what's behind the record price surge:

Russia's invasion of Ukraine

Russia is one of the largest oil exporters on the planet. In December it sent nearly 8 million barrels of oil and other petroleum products to global markets, 5 million of them as crude oil.

Very little of that went to the United States. In 2021 Europe got 60% of the oil and 20% went to China. But oil is priced on global commodity markets, so the loss of Russian oil affects prices around the globe no matter where it is used.

The concerns about disrupting global markets led Western nations to initially exempt Russian oil and natural gas from the sanctions they put in place to protest the invasion.

China lockdowns ending

One factor keeping oil prices somewhat in check has been the surge of Covid cases, and strict lockdown rules in much of the country. That was a major drag on demand for oil.

But as the Covid surge has started to retreat, the lockdowns are being lifted in major cities such as Shanghai. And more demand without increased supply can only drive up prices.

JUST WATCHED This is what determines the price of gas Replay More Videos ... MUST WATCH This is what determines the price of gas 01:57

Less oil and gas from other sources

US oil companies don't adhere to those types of nationally mandated production targets. But they have been reluctant or unable to resume producing oil at pre-pandemic levels amid concerns that tougher environmental rules could cut future demand. Many of those stricter rules have been scaled back or failed to become law.

"The Biden administration is suddenly interested in more drilling, not less," Robert McNally, president of consulting firm Rapidan Energy Group, said earlier this spring. "People are more worried about high oil prices than anything else."

It takes time to scale up production, particularly when oil companies are facing the same supply chain and hiring challenges as thousands of other US businesses.

"They can't find people, and can't find equipment," McNally added. "It's not like they're available at a premium price. They're just not available."

Oil stocks have generally lagged the broader market over the last two years, at least until the recent run-up in prices. Oil company executives would rather find ways to boost their share price than increase production.

"Oil and gas companies do not want to drill more," Pavel Molchanov, an analyst at Raymond James, said earlier this spring. "They are under pressure from the financial community to pay more dividends, to do more share buybacks, instead of the proverbial 'drill baby drill,' which is the way they would have done things 10 years ago. Corporate strategy has fundamentally changed."

ExxonMobil XOM One of the starkest examples:last month announced first quarter profits of $8.8 billion, more than triple the level of a year ago when excluding special items. It also announced a $30 billion share repurchase plan , far more than the $21 billion to $24 billion it expects to spend on all capital investment, including searching for new oil.

Not only is oil production l agging behind pre-pandemic levels, US refining capacity is falling. Today, about 1 million fewer barrels of oil a day are available to be processed into gasoline, diesel, jet fuel and other petroleum-based products.

State and federal environmental rules are prompting some refineries to switch from oil to lower carbon renewable fuels. Some companies are closing older refineries rather than investing what it would cost to retool to keep them operating, especially with massive new refineries set to open overseas in Asia, the Middle East and Africa in 2023.

And the fact that diesel and jet fuel prices are up far more than gasoline prices shows that refiners are shifting more of their production to those products.

"Economics mandate you make more jet and diesel fuel to the detriment of gasoline," said Kloza.

And with prices in Europe even higher than in the United States, both Canadian and US oil producers have increased exports of oil and gasoline to the continent. That has also limited the US supply.

Strong demand for gas

But supply is only part of the equation for prices. Demand is the other key, and while it's very strong right now, it's still not back to pre-pandemic levels.

JUST WATCHED How to save money on gas by being more fuel efficient Replay More Videos ... MUST WATCH How to save money on gas by being more fuel efficient 01:40

The US economy had record job growth in 2021, and while those gains have slowed, they remain historically strong. Demand is getting another boost as the many employees who have been working from home for much of the last two years return to the office

The start of the summer travel season on Memorial Day weekend likely sparked the typical annual increases in demand for gas and jet fuel. US airlines all report very strong bookings for summer travel, even with airfares climbing above pre-pandemic levels.

The end of the Omicron surge and the removal of many Covid restrictions is encouraging people to get out of the house for more shopping, entertainment and travel.

"Come hell or high gas prices, people are going to take vacations," said Kloza.

Commuting may remain down slightly. Many who plan to return to the office will be there only three or four days a week, and the total number of jobs is still a bit below 2019 levels. But there will be periods, most likely this summer, with higher demand for gas than during comparable periods before the pandemic, Kloza predicts.

"Even before Ukraine, I was expecting to break the record," Kloza said. "Now it's a question of how much we break the record by."

Inflation reaches highest level since 1982 as consumer prices jump ...

Inflation hit a fresh 39-year high in December.

The consumer price index jumped 7% last year, the fastest pace since 1982.

Before volatile food and energy items, prices rose 5.5% in 2021.

Another month, another record-setting leap in prices.

Inflation hit a fresh 39-year high in December as a drop in energy costs wasn’t enough to offset a steady march upward for staples such as food, rent and cars amid stubborn supply-chain bottlenecks and worker shortages.

The consumer price index jumped 7% last year, the fastest pace since 1982, the Labor Department said Wednesday. That's up from 6.8% annually in November, which was also a nearly four-decade high.

COVID-19’s fast-spreading omicron variant likely intensified the price increases by spawning more worker absences in global delivery networks and slowing shipments, says Wells Fargo economist Sam Bullard. That more than erased any easing of demand and prices in COVID-19-sensitive industries like travel, Bullard says.

►Save better, spend better:Money tips and advice delivered right to your inbox. Sign up here.

►Empty shelves? Grocery stores still have bare shelves amid supply chain disruptions, omicron and winter storms

Excluding volatile food and energy items, so-called core prices rose 5.5% in 2021, a new 30-year high. On a monthly basis, overall consumer prices increased 0.5% in December while core prices advanced 0.6%.

Overall inflation may ease soon

Economists expect overall inflation to ease in coming months as gasoline and other energy prices continue to pull back and crude oil prices fall. But core inflation is expected to drift higher before edging down as the supply snags are ironed out.

"Buckle up," says economist Leslie Preston of TD Economics. "After reaching new highs core inflation is likely to get even higher in the first quarter of 2022 on a year-on-year basis."

Inflation's cost:How much more are you paying and what's the damage for Biden?

Gas prices down

Last month, energy prices declined for the first time in six months, dipping 0.4%, with gasoline prices falling 0.5%. That still left pump prices up 49.6% the past year.

But other costs continued to climb. Hotel rates leaped 23.9% annually. Used car and truck prices rose 3.5% monthly and 37.3% for the year. Prices increased 11.8% annually for new cars, 7.4% for household furnishings, 5.8% for apparel and 6.3% for groceries.

Chicken and fish prices jumped 10.4% and 8.4%, respectively, over the past year after further monthly advances. Beef was up 13% and pork, 15.1%, despite dips last month.

Food prices up, shelves empty

Additional food price increases may lie ahead with reports of empty store shelves in the Northeast as a result of omicron-related worker absences and winter storm disruptions, says economist Paul Ashworth of Capital Economics.

The pandemic has been behind the stomach-churning inflation.

Consumers who were already snapping up goods such as TVs and appliances while stuck at home during the health crisis began dining out and traveling more. Many were ready to splurge after they built up more than $2.5 trillion in additional savings from federal stimulus checks and enhanced unemployment benefit, as well as cutting back during the lockdowns.

Supply snags hit consumer price index

But a supply network still hobbled by the pandemic wasn’t prepared for the buying binges. Many overseas factories are running at partial capacity. Shipping containers are in short supply. And many truck drivers and warehouse workers are still caring for kids at home or fearful of contracting COVID-19.

The rare collision of robust demand and skimpy supplies has triggered widespread product shortages and higher prices that are outpacing solid wage increases for low- and middle-income Americans.

Fed prepared to hike interest rates

At his confirmation hearing for a second term Wednesday, Federal Reserve Chair Jerome Powell told lawmakers the central bank is prepared to raise interest rates more rapidly than planned to contain inflation. The Fed already has accelerated the phaseout of its bond-buying stimulus, a move that would clear the way for interest rate hikes as early as March.

Fact check: Despite claims of Trump-era 'energy independence,' the ...

Both before and after Russia's invasion of Ukraine contributed to a spike in US gas prices , various Republicans bashed President Joe Biden for abandoning Trump-era "energy independence." These Republicans have fostered the impression that the "energy independent" US did not need energy from Russia and elsewhere under Trump, but then, under Biden, has been forced to buy this foreign energy once more.

The truth is that the US was never close to genuine independence from foreign energy in the Trump era.

"Energy independence" is a political phrase, not a literal phrase. Despite how Trump and others have made it sound, it does not mean the US was ever going it alone.

"A horrible term," said Jeff Colgan, professor and director of the Climate Solutions Lab at Brown University and an expert on the geopolitics of oil.

"This stupid term," said Amy Myers Jaffe , an energy expert and a research professor at The Fletcher School at Tufts University.

The term has various non-literal definitions. And the US did satisfy some of these definitions under Trump in 2020 — as it did again in the 11 months of 2021, mostly under Biden, for which we have complete data.

For example, in both periods, the US exported more crude oil and petroleum products than it imported. It also produced more primary energy than it consumed.

But none of that means that the Trump-era US did no energy importing at all. From the beginning of Trump's term to the end, the US very much relied on oil and gas from abroad.

In 2020, Trump's last full year in office, the US imported about 7.9 million barrels per day of crude oil and petroleum products. That was down from prior years -- the US imported more than 10 million barrels per day in 2016, President Barack Obama's last full year -- but still a whole lot of foreign energy.

In fact, contrary to prominent Republicans' suggestions over the last month that the US had just recently started consuming Russian energy under Biden, US energy imports from Russia spiked during the Trump presidency.

And that isn't the only thing Republicans have gotten wrong.

Contrary to claims from Trump and other Republicans, Biden has not "shut down" American energy: US crude oil production in Biden's first year was higher than in each of Trump's first two years and just narrowly shy of production in Trump's last year, though substantially lower than production in Trump's record-setting third year. And experts say it is economic factors and cautionary pressures from Wall Street, not anything Biden has done, that has made US oil companies reluctant to dramatically ramp up production from current levels.

Multiple reasons for foreign imports

Amid the US boom in oil and gas production from hydraulic fracturing, better known as fracking, the quantity of US imports of crude oil and petroleum products has been trending downward since early in the second term of President George W. Bush. But there are numerous reasons why the US doesn't just stop importing entirely.

Another reason is that domestic energy production isn't sufficient to fulfill the needs of all US refineries -- for which it can be profitable to buy low-cost unfinished energy from abroad, turn it into higher-value petroleum products, and then export some of those products. Colgan noted in an email that even at moments when the US is a net exporter of oil, "it remains tightly integrated into the world market for oil, constantly exporting some grades of oil to foreign customers while importing other grades of oil into the United States. Same for oil products like gasoline and diesel."

Geographic factors are also at play. For example, refineries in California have relied on imports some from Russia , because importing has been cheaper than getting oil shipped from various parts of the US, such as the Permian Basin in the Southwest, to which California has no pipeline connection.

Unless the US shifts completely to renewable or nuclear energy, Krane said in an interview, "we are going to be tethered to supply lines that stretch halfway around the world whether we like it or not."

Russian imports never ceased under Trump

Before Biden announced ban on imports of Russian energy last Tuesday, some Republicans suggested that the US had suddenly started importing Russian oil under Biden.

For example, Florida Gov. Ron DeSantis said at an event in late February: "We were, before Biden took office, for the first time in any of our lifetimes, actually energy independent. Putin didn't matter. Now, they're importing millions of barrels of oil from Russia."

Iowa Sen. Joni Ernst said on Fox News on March 6 that Biden's choices when he first came into office "put us in this tenuous position with energy independence in the United States. Instead of being an exporter of energy, we became a consumer of Russian oil."

Imports from Russia did increase again, to 245.2 million barrels, in 2021.

What is true is that, under both Trump and Biden, imports from Russia made up a fraction of total US petroleum imports -- about 8 percent in 2021 , just about tied with Mexico for second place.

The US reliance on foreign energy is in large part a reliance on close ally Canada, which provided 51 percent of US imports in 2021.

Biden's impact has been overstated

Republicans have portrayed Biden as an all-powerful enemy of the US oil and gas industry.

Trump claimed in a speech in late February that Biden "shut down American energy." Florida Sen. Marco Rubio tweeted a Wednesday suggestion that Biden was stopping oil companies from increasing production, writing: "If Biden would let America get back to 2019 production we won't need a single drop of oil from #Venezuela or #Iran or anyone else."

There is no doubt that Biden's attitude toward the US oil and gas industry is less friendly than Trump's was. But the truth is that Biden isn't stopping US energy companies from increasing production and certainly never "shut down" US energy production.

"President Biden hasn't done anything yet -- no offense -- because he can't get anything passed through the Congress," Jaffe said in an interview.

"Oil and gas companies do not want to drill more," Pavel Molchanov, an analyst at Raymond James, told CNN Business for an article in early March, before Biden announced the Russia ban. "They are under pressure from the financial community to pay more dividends, to do more share buybacks instead of the proverbial 'drill baby drill,' which is the way they would have done things 10 years ago. Corporate strategy has fundamentally changed."

Krane, the energy studies fellow from Rice University, concurred in an interview after Biden announced the ban.

"It's not a lack of leasing that's holding back US crude. It's Wall Street," he said. "The federal government is like a third-tier player in the US oil market. Market signals themselves are the main driver of energy production and decision-making in the US."

Even still, US field production of crude oil in 2021 , about 11.2 million barrels per day, was only slightly lower than US production under Trump in 2020, when it was about 11.3 million barrels per day -- and 2021 production was higher than production in 2017 and 2018, Trump's first two years in office, though well below the record 12.3 million barrels per day in 2019.

Numerous Republicans have castigated Biden's decision to revoke the permit for the Keystone XL pipeline, which would have carried crude oil from Canada's oil sands to the US. But the long-delayed pipeline would almost certainly not have been ready this year even if Biden had allowed construction to proceed.

The federal Energy Information Administration projected this month that US crude oil production will hit 12 million barrels per day again in 2022, then set a new record of 13 million barrels per day in 2023.

Moratorium put on hold

Biden has called for a shift away from fossil fuel production and toward renewable energy sources, and he has put forward policies toward that end. Those policies have included an attempted temporary moratorium on new leases for oil and gas drilling on public lands and offshore waters.

As CNN's Ella Nilsen reported last week, the Biden administration approved more drilling permits in its first year than the Trump administration approved in 2017, 2018 and 2019, though fewer than it approved in 2020.

Since late February of this year, there has been a pause on the issuance of new leases and permits on federal territory. That pause, however, was prompted by a judge's injunction in a lawsuit filed by Republican state attorneys general.

Gas prices hover near record high pushing stocks to biggest loss in ...

Stan Choe and Alex Veiga

The Associated Press

NEW YORK (AP) — Wall Street had its biggest drop in more than a year Monday as another leap for oil prices threatened to squeeze inflation’s grip on the global economy.

The S&P 500 fell 3%, its biggest decline in 16 months, after a barrel of U.S. oil surged to $130 overnight on the possibility the U.S. could bar imports from Russia. Stocks around the world also fell earlier in the day, taking their cue from oil’s movements, though their losses moderated as crude receded toward $120 per barrel.

The benchmark S&P 500 fell 122.78 points to 4,201.09. The Dow Jones Industrial Average fell 797.42 points, or 2.4%, to 32,817.38.

The Nasdaq composite slid 482.48 points, or 3.6%, to 12,830.96. The tech-heavy index is now 20.1% below its record set in November. Such a decline means the index is now in what Wall Street calls a bear market. The S&P 500 is down 12.4% from the peak it set in early January.

HIGH GAS PRICES:Gas prices top $4 a gallon nationwide, all-time record could be broken this week

RUSSIAN OIL:How much oil does the US buy from Russia? Not much, but gas prices are rising amid Ukraine invasion

Gold and a measure of nervousness on Wall Street also rose, though not by quite as much as when oil prices hit their peak. The price of gold briefly touched $2,007.50 per ounce before settling at $1,995.90, up 1.5%.

How high will gas prices go?

Oil prices have soared recently on worries that Russia’s invasion of Ukraine will upend already tight supplies. Russia is one of the world’s largest energy producers, and oil prices were already high before the attack because the global economy is demanding more fuel following its coronavirus-caused shutdown.

U.S. House Speaker Nancy Pelosi said in a letter to her colleagues on Sunday that “the House is currently exploring strong legislation” to further isolate Russia because of its attack on Ukraine. That could include a ban on imports of Russian oil and energy products, she said.

It’s a major step that the U.S. government has not yet taken, despite a long list of moves to punish Russia, as the White House has said it hopes to limit disruptions to oil markets. It wants to limit price jumps at the gasoline pump.

LIVE UPDATES:Russia reveals harsh demands for ending war as talks begin; Ukraine calls evacuation routes 'unacceptable'

FIGHTING INFLATION:Powell says Fed is poised to hike interest rates to fight inflation despite Ukraine war, market sell-off

Reports also said U.S. officials may be considering easing sanctions against Venezuela. That potentially could free up more crude oil and ease concerns about reduced supplies from Russia.

A gallon of regular already costs an average of $4.065 across the country after breaching the $4 barrier on Sunday for the first time since 2008. A month ago, a gallon averaged $3.441, according to AAA.

A barrel of U.S. crude oil settled at $119.40 per barrel, up 3.2%, after earlier touching $130.50. Brent crude, the international standard, settled at $123.21 per barrel, up 4.3%, after earlier topping $139.

Markets worldwide have swung wildly recently on worries about how high prices for oil, wheat and other commodities produced in the region will go because of Russia’s invasion, inflaming the world’s already high inflation. In the United States, prices for consumers jumped last month from their year-ago level at the fastest rate in four decades.

The conflict in Ukraine also threatens the food supply in some regions, including Europe, Africa and Asia, which rely on the vast, fertile farmlands of the Black Sea region, known as the “breadbasket of the world.”

Fed takes aim at inflation

The war puts extra pressure on central banks around the world, with the Federal Reserve on course to raise interest rates later this month for the first time since 2018. Higher rates slow the economy, which hopefully will help rein in high inflation. But if the Fed raises rates too high, it risks forcing the economy into a recession.

“Their reaction to geopolitics can't really be measured, so there's uncertainty around that,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.

Some investors have seen the war in Ukraine as potentially pushing the Fed to go easier on rate increases. Investors love low rates because they tend to boost prices for stocks and all kinds of markets.

But that may not necessarily be the case this time, Goldman Sachs economists wrote in a report. With prices for oil, wheat and other commodities potentially rising even more, the threat is higher for a sustained, high inflation to settle on the economy. That could flip the Fed's traditional playbook.

“After several decades in which economic, financial, or political shocks invariably caused interest rates to fall, markets may have to re-learn that the opposite can also be true,” Goldman Sachs economist Jan Hatzius wrote.

Netflix, credit card companies step out fo Russia

Beyond sanctions brought on Russia by governments because of its invasion of Ukraine, companies are also levying their own punishments. The list of companies exiting Russia has grown to include Mastercard, Visa and American Express, as well as Netflix.

The value of the Russian ruble continued to slide amid all the financial pressure, falling 12% to 0.7 cents.

On Wall Street, shares of Bed Bath & Beyond soared after the investment firm of billionaire Ryan Cohen took a nearly 10% stake in the company and recommended big changes. Cohen is the co-founder of Chewy, and he's amassed somewhat of a cult following after he took a stake in GameStop, the struggling video game chain that eventually named him board chairman.

Shares of Bed Bath & Beyond jumped 34.2% to $21.71.

Treasury yields climbed, with the 10-year rising to 1.78% from 1.72% late Friday.

Gas prices fall -- a little - CNN

New York (CNN Business) After more than a month of surging prices, Tuesday brought some modest -- very modest -- relief to drivers.

The average price of a gallon of regular gas fell to $4.32 a gallon, down from $4.33 a gallon Monday, according to AAA. Even at just nine-tenths of a cent, it was the biggest single-day decline in gas prices since August 2021.

Of course, gas prices remain historically high. Before last week, the record high had been $4.11 a gallon, a level first reached in 2008. Last week, gas set four records in a row before prices stayed virtually unchanged through the weekend and Monday.

The drop in retail gas prices follows a sharper drop in oil prices in Monday trading as prices fell 8%. If oil prices stay at this level, there could be more meaningful relief on the way at the pump, perhaps as much as 20 cents a gallon, predicted Tom Kloza, global head of energy analysis at the Oil Price Information Analysis, which tracks gasoline prices for AAA. But it's not surprising the drop in gasoline prices has trailed the drop in oil prices.

"Gasoline prices can go up like a rocket and come down like a feather," said Kloza.

Read More

Biden demands faster drop in gas prices as oil tumbles - CNN

New York (CNN Business) President Joe Biden is using his bully pulpit to call out the tendency for gasoline prices to go up like a rocket when oil spikes, but only drop like a feather when crude crashes.

Biden fired off a tweet Wednesday morning highlighting the painfully slow decline in gasoline prices in a bid to draw scrutiny to a decades-long trend that critics say hurts consumers by failing to pass savings along to drivers.

"Oil prices are decreasing, gas prices should too," Biden said on Twitter. "Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it's $4.31. Oil and gas companies shouldn't pad their profits at the expense of hardworking Americans."

Oil prices are decreasing, gas prices should too. Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it's $4.31. Oil and gas companies shouldn't pad their profits at the expense of hardworking Americans. pic.twitter.com/uLNGleWBly

The administration's focus on the intricacies of energy prices shows the level of frustration inside the White House with one of the central drivers of high inflation.

Gas prices skyrocketed to record highs last week, following a spike in crude oil to levels unseen since 2008.

Prices at the gas pump are going down -- but only very gradually. The national average for regular gas dipped to $4.31 a gallon on Wednesday, according to AAA . That's down a penny from Tuesday and two pennies from Monday.

That's despite the fact that Brent oil collapsed by 28% between the March 6 intraday peak and Tuesday's close.

'It just seems to take a long time'

This is nothing new. The industry even has a nickname for this practice: Rockets and feathers.

"This has been going on for 40 years," Andy Lipow, president of consulting firm Lipow Oil Associates, told CNN. "Prices do dip, it just seems to take a long time. You can't deny the data that is out there."

Old or new, Biden isn't a fan, especially after observing this phenomenon last fall when gas prices retreated slowly after the administration released emergency oil reserves and Omicron hit.

"Try explaining how it's just rockets and feathers to President Biden, and you'd better be ready to hear, 'That's a bunch of malarkey' coming back at you," a senior White House official told CNN. "The president is very much within his rights to point out that if you're going to have rockets on the way up, you need to have rockets on the way down, not feathers."

But it may be unreasonable to say pump prices should change instantly just because oil prices do. It takes time for price swings to filter through the supply chain.

A gas station owner may be selling fuel today that was purchased days earlier when oil prices were much higher. (That's especially true in today's extremely volatile market.)

"Don't get me wrong. There would be some lag," Lipow said. "What if I was the guy who just bought my tanker load yesterday and the next two days crude oil dropped?"

Tom Kloza, global head of energy analysis at the Oil Price Information Service, said gas stations have little choice but to pass along the impact of higher oil prices on the way up because of the pressure on their profit margins.

"And on the way down, It's like, 'We'll be as patient as we can,'" Kloza said. "They will fall, but at a much slower pace."

Joe Brusuelas, chief economist at consulting firm RSM, noted that gasoline prices are a function of past purchases and expectations around the cost of future deliveries -- and there is vast uncertainty right now about the direction of oil prices.

"Criticism of price setting at gasoline stations is somewhat misguided," Bruseulas said.

$1,300 hit to households

There are real economic consequences here.

Every 10-cent increase in the price of gasoline costs consumers at least $11 billion over the course of a year, according to Moody's Analytics.

Gas prices have surged over the past year and a half, and at the end of last week, they stood about $1.50 a gallon higher than the 2019 average. If prices stay this high, consumers will pay $165 billion more over the course of 2022 than they did in 2019, according to Moody's Analytics.

Put another way: Annual average spending on gasoline would climb by roughly $1,300 per US household, Moody's told CNN.

The senior White House official suggested gas station owners are not passing along savings to consumers as quickly as they could.

"This is using price power in a way that is not particularly fair from the perspective of the consumer," the official told CNN.

GasBuddy's Patrick De Haan said earlier this week the gas price drop should accelerate if oil stays below $100 a barrel.

"Stations lost their shirt on the way up, but now margins are improving and they will start passing the discounts on to you," De Haan wrote on Twitter

'Uneven' link between oil and gas prices

Of course, the oil industry was in deep distress just two years ago. Oil prices crashed, with US crude turning negative for the first time ever, driving gasoline prices dramatically lower.

The National Association of Convenience Stores, a trade group that represents the fuel retailing industry, acknowledged in a blog post Wednesday that retailers might not immediately slash prices after an oil rally "to make up for the margin they lost during the price increase."

"On any given day, retailers don't know where wholesale prices could be heading, so they try to recapture lost margin as quickly as possible—because they don't know if wholesale prices may rise and margins could tighten," the NACS said in the post.

The industry group also pointed out that one complicating factor is that the fuels industry is currently going through its annual government-mandated transition to summer-blend fuels.

"Retailers want lower gas prices just as much as their customers," the NACS said. "When prices are low, consumers have more disposable income to make in-store purchases. They're also happier, which is also good for business."

The American Petroleum Institute, the trade group representing the oil and gas industry, said in a statement that retail prices in many industries go down slower than they go up.

"On gas prices, the American people are looking for solutions, not finger pointing," said Frank Macchiarola, API's senior vice president of policy, economics and regulatory affairs.

There is some academic research that supports the argument from the White House.

The Federal Reserve Bank of St. Louis published a report in 2014 pointing out there is an "uneven" relationship to how oil prices impact gas prices. That report was based on a review of academic work measuring the so-called pass-through of oil and gasoline.

"When oil prices rise after being steady for some time -- gasoline prices shoot up quickly," the Fed paper said. "In contrast, when oil prices fall after being steady for some time, gasoline prices retreat slowly."

Who owns the gas?

Biden's focus on this issue comes after House Democrats wrote a letter last week urging Congressional leadership to immediately investigate and hold hearings on "alleged price gouging within the oil and gas industry."

Democrats also introduced a Big Oil Windfalls Profit Tax that would aim to "curb profiteering" by oil companies.

Although gas stations are often emblazoned with the logo of a major oil producer like Exxon or Shell, they are often owned and operated by independent retailers. Gas station owners are licensed to represent that household brand.

ExxonMobil XOM For example,says it does not own or operate retail gas stations in the United States, even though there are countless Exxon and Mobil gas stations throughout the country. As of the end of 2020, Exxon listed nearly 11,000 distributor sites in the US.

Oil refiners own less than 5% of the nation's roughly 150,000 retail gas stations, according to the American Petroleum Institute . Many gas stations are owned by an individual or a family, while others fall under a corporate entity that owns hundreds.

At the end of the day, Kloza said people who can wait before buying gas will benefit.

"If you can hold off five days to fill up your tank, you will get a lower price," Kloza said.

US gas prices continue to rise to record highs. Expect a 'cruel ...

Consumers will likely continue seeing record gas prices this summer.

EU's plan to ban Russian oil will crimp already shallow supplies.

China's demand will rise as it emerges from COVID lockdowns.

Brace yourselves for more pain at the pump this summer.

Crude oil prices jumped to a more than two-month high after the European Union approved a plan to ban most Russian oil imports for its invasion of Ukraine, and China showed signs of easing its COVID-19 lockdowns – meaning even less oil will be available on the world market.

Why are gas prices rising so quickly? And how high are they ...

The national average cost for a regular gallon of gas may reach an all-time high this week.

The higher prices at the pump can be attributed to the Russian invasion of Ukraine.

Gas prices are expected to continue to rise, with the national average over $4 for much of 2022.

As national averages for a gallon of regular gas and diesel broke records in the United States this week, many are wondering how long the surge may continue and when prices at the pump will finally drop.

The dramatic rise in cost has sent drivers into a frenzy; Gasbuddy, the popular fuel-savings app that gives users the cost of gas in their area, had its online services go down temporarily on Monday because of record-breaking traffic as people look for the cheapest place to fill up their tanks.

As of Wednesday morning, the average cost for a gallon of gas in the country was $4.25, according to AAA. The price is up about 8 cents from Tuesday and more than 60 cents from last week.

Costs are expected to continue to rise throughout the year.

Here is what we know about gas prices and what to expect next:

National average:Gas prices are high and up another 7 cents nationwide. Here is the average price in each state.

For subscribers: Are oil and gas companies price gouging consumers at the pump?

Why are gas prices rising?

There are a few factors contributing to the increase, but the main reasons are the Russian invasion of Ukraine and the rise of inflation.

Patrick De Haan, head of petroleum analysis at GasBuddy, told USA TODAY last week that sanctions put on Russia by the U.S. and European Union severely hindered Russia's ability to sell crude oil, one of the biggest determiners for gas prices. Because the country is one of the biggest energy suppliers, crude oil prices have dramatically risen.

The cost for a barrel of crude oil had ups and downs on Monday. A barrel of U.S. crude oil settled at $119.40 a barrel, up 3.2%, after earlier touching $130.50. Brent crude, the international standard, settled at $123.21 a barrel, up 4.3%, after earlier topping $139, The Associated Press reported.

The U.S. imported about 209,000 barrels per day of crude oil in 2021, according to the White House.

While that is only 3% of the import market in the U.S., Russia plays a big role because it produces "heavier, sour crude," Ramanan Krishnamoorti, a professor at the University of Houston, said. He added Russian crude is needed because U.S. refineries are not designed to use 100% of the light, sweet crude it produces.

Another contributing factor De Haan mentioned is the loosening of COVID-19 restrictions across the country. With mandates lifted or softened, people will be out more, coinciding with the typical rise of gas costs as summer approaches.

AAA also said Monday that the increase in gas demand and a reduction in total supply contribute to rising pump prices.

'Be prepared for months of these high prices':How to save money as gas prices smash records

Is it time to buy or sell?:High gas prices are sending stocks lower.

How long will gas prices be this high? How high will gas prices get?

Gasbuddy projects the worst is yet to come when looking at average prices.

GasBuddy's 2022 gasoline forecast predicts the average cost of a gallon of gas will peak in May at $4.25, a price point already realized as of Wednesday morning.

Even as prices are expected to decline after May, the average is expected to remain over $4 until November. The average for 2022 is expected to be $3.99. De Haan told CNN on Tuesday the national average could reach $5 a gallon due to the situation in Ukraine.

"It’s a dire situation and won’t improve any time soon. The high prices are likely to stick around for not days or weeks, like they did in 2008, but months. GasBuddy now expects the yearly national average to rise to its highest ever recorded," De Haan said in a news release Monday.

On Tuesday, President Joe Biden announced a ban on the U.S. import of all Russian energy products, including the purchases of Russian crude oil, certain petroleum products, liquefied natural gas and coal. Experts say the decision will contribute to the cost increase.

"In the short term, you're going to see prices definitely go up," energy expert Gianna Bern said. "How much, it remains to be seen, and where and how the void gets filled."

Gas prices and inflation have you down?: Here's how to sell your car to Carvana, Autonation

Where is gas the most and least expensive?

Gas remains the most expensive in California, with the average cost at $5.57, the only state with an average above $5.

The most expensive county in the state is Mono County, which borders Nevada. The average cost in the county is $6.14. Stations across the state are seeing prices above $6, including a Shell gas station in Los Angeles, which had regular gas costing $6.99 a gallon.

As of Wednesday, only 15 states are averaging under $4 a gallon, primarily in the Gulf Coast and Midwest.

The states with the cheapest gas are Kansas and Oklahoma, each averaging $3.79 a gallon.

Contributing: Marina Pitofsky, USA TODAY; USA TODAY staff reports; The Associated Press

Inflation's easing won't lower high prices. Here's what will happen.

Consumers should get used to higher prices on goods and services.

Once those prices rise, the new prices typically stick.

Easing inflation doesn't mean prices will drop. It just means prices aren't rising as fast.

When it comes to prices during inflation, what goes up, doesn't always come down.

When talking about inflation, it’s important to remember that inflation is a rate that measures how fast prices are rising. If the consumer inflation rate drops from its 40-year high of 8.6% in May, prices are still rising – just not as fast.

High gas prices are squeezing experience spending on travel and ...

When pandemic-related restrictions lifted, people were ready to spend on experiences at any cost.

That 'revenge spending' on travel and leisure has been carrying the economy.

Now, data show high gas prices is taking a toll on services spending, which may hurt the economy..

“Revenge spending” – spending on experiences such as travel and restaurants despite the cost to make up for time lost during the pandemic – is showing signs of buckling as inflation pressures settle in, new data suggest.

Last month, as the national average for a gallon of regular unleaded gasoline reached a record high of $5.016, Bank of America saw in its monthly debit and credit card data the first decline in consumer spending on travel and restaurants since January. January was the peak of the omicron wave.