it changes the way i pump gas. reporter: and it s only getting worse, approaching the national average of $4.11. do you think we could hit that record in the months ahead? i think we have a very good chance. reporter: it dates back to the start of covid. look at this roller coaster chart of u.s. gas prices over time. in march 2020, prices plummeted. americans weren t on the road. oil producers, including opec, cut back on investments and operations. they had nowhere to store extra oil. they laid off employees. they didn t work the rigs. reporter: when the vaccines rolled out, demand for fuel skyrocketed, more than experts expected. and the oil industry didn t have the supply. they re still playing catch up. . you can t just turn on a spigot. these are long cycle projects. reporter: so gas prices have been surging for 14 months. only briefly dipping during omicron. demand is back at prepandemic levels. even aaa can t explain that.
you can t just turn on a spigot. these are long-cycle projects. reporter: so gas prices have been surging for 14 months. only briefly dipping during omicron. demand is back at pre-pandemic levels, even aaa can t explain that. i m trying to figure it out right now. reporter: the conflict on the ukrainian border is adding a new strain. russia is the world s second largest oil producer. if the crisis escalates, jpmorgan says oil prices could soar from $91 a barrel to 120. if we were to see russia potentially withhold energy exports, the question would be who could make up for that. we re working to bring gas prices down. reporter: it s a huge political problem for the biden administration, which says it s now engaging with oil producing countries to increase production, preparing to go after firms that manipulate prices, and considering dipping back into the strategic petroleum reserve. in november, they announced the release of 50 million barrels
skyrocketed, more than experts expected and oil industry didn t have the supply. they re still playing catch-up. you can t just turn on a spigot. these are long cycled projects. reporter: gas prices surging for 14 months, only briefly dipping during omicron. demand is back at pre-pandemic levels, even triple a can t explain that. trying to figure it out right now. reporter: the new strain on the ukraine border. russia is the second largest oil producer. could soar from $91 a barrel to $120. if we were to see russia with energy exports, the question would be, who could make up for that? i ll work like the devil to keep gas prices down. reporter: a huge political problem for the biden administration which says it s now engaging with oil producing countries to increase production, preparing to go after firms that manipulate prices and consider dipping back into the strategic petroleum
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