MEMPHIS, Tenn. — Gas prices are rising again, and fast. Here in Memphis, they hit a new record Monday.

Prices rose by $0.03 overnight.

The average price for a gallon of regular is now $4.12, which is $0.15 higher than a week ago, $0.18 higher than a month ago, and $1.35 higher than a year ago.

There are several reasons for the runaway gas prices.

As COVID restrictions are lifted demand is roaring back and many wells that were idled during the pandemic have not been brought back online.

Making matters worse, Russia invaded Ukraine and many countries stopped buying oil from Russia.

While the average price for a gallon of gas in Memphis is $4.12, you can find it for less. WREG is working to find the least expensive gas stations for consumers. You can track prices in the area, here.

Experts say you’ll use less gas if you keep your tires properly inflated and slow down.