Now with the Russia-Ukraine conflict, we could see gas prices soar even higher.
"If gas prices go up, I mean we are already experiencing very high rate of inflation, it's the highest since the 1980s or so," Professor of Economics Dr. Srabana Gupta at St. Thomas University. "I think it's worrisome for everybody, basically we are still dealing with the economic impact of COVID."
But it's not just oil. Ukraine and Russia supply other commodities to the U.S., such as agricultural products and metals used in industry.
"Aluminum is one thing, wheat is another thing, I mean the U.S. a big purchaser of those products from Russia and Ukraine," Gupta said.
Economists also say that at this time of year, the price of gas usually goes up anyway about 35-40 cents between February and June, but it could go up even more due to the crisis.
Russia is part of OPEC, or the Organization of the Petroleum Exporting Countries, and they're meeting this Wednesday. We may have a better idea then after OPEC's meeting on what path gas prices will take in the near future.