On this day in history, gas prices have never been higher

Gas prices are surging to record highs for the first week of February as per AAA, hitting an all time high of $3.465 for this day and just surpassing last year’s price of $3.455.

Based on where wholesale prices are (given the lag), we could be seeing $4.00 gas at the pump in the next few weeks, Zero Hedge reported on Friday.

According to AP, the culprits are rising crude oil prices, slowing output at refineries that are undergoing maintenance, and low supplies of gasoline.

Rising crude oil prices have pushed prices higher throughout the country.

“I’m not surprised at what I’m seeing, but I am surprised it’s coming early,” said Tom Kloza, Chief Oil Analyst at the Oil Price Information Service.

Crude oil has risen 14 percent since mid-December, to $97.49 on Thursday. Brent crude, the benchmark used to price oil that most U.S. refineries use to make gasoline, is up 9 percent since then to $115.55

But gasoline wholesale prices are rising even faster. That’s the price distributors and service stations pay to buy the gasoline that they then sell to drivers. Wholesale prices in California are up 56 cents — a 20 percent jump — to $3.32 per gallon, in just two weeks, according to Kloza. Many California drivers will soon see $4 a gallon at local stations. Smaller but still substantial jumps are being seen throughout the country.

Retail gasoline prices have risen for 14 days straight, according to AAA. The average price for the month of January was $3.32, the second highest January average ever, although a nickel cheaper than last year’s record.

The national average price has risen in nine of the last 10 Februarys. Last year gasoline prices jumped 28 cents, or 8 percent, in February and averaged $3.55 for the month.