Record gas prices feel like a slap in the face. And there's more to come

As the world barrels into Year Three of the pandemic, Americans are entering a new phase of economic anxiety — an inescapable reality that shouts out at them in big bold numbers on countless signs dotting the nation's roadsides.

Record gas prices are here, just as many people are mapping out summer road trips or returning to the office for the first time in two years. That could create a particularly sticky problem for policy makers as inflation soaks into the fabric of American life. Even though gas accounts for a relatively small portion of consumers' overall spending, those prices reinforce a broader sense of gloom that could ultimately curb spending.

The average price for a gallon of regular gas on Monday hit $4.17 — an all-time high, breaking the previous record of $4.11 a gallon that had stood since July 2008. Prices were already elevated because of supply shortages before Russia invaded Ukraine two weeks ago, but prices have spiked as the oil industry has shunned Russian crude.