US Gas Prices Skyrocket Amid Russia-Ukraine Conflict
Gas prices are skyrocketing around the United States — with little sign of slowing down.
Recent data from the American Automobile Association (AAA) revealed a new national average price for a gallon of gas: $3.84. This marks a massive increase of 27 cents per gallon as compared to just a week prior.
Reporting by New York Post indicated that the United States is rapidly approaching previous records, including the high of $4.11 seen in July of 2008. According to Gas Buddy analyst Patrick De Haan, the country is expected to surpass a national average price of $4.10 a gallon before the start of April.
“The bulk of what we’re seeing still has to do with the Russia-Ukraine situation,” De Haan said regarding the recent hikes. “If that situation worsens or if it escalates, the impact could be more severe.”
Gas and oil prices alike have risen since the conflict began; West Texas Intermediate crude oil was trading for $112 per barrel last Friday. It was valued at $90 a month prior.
“While the US has not yet directly put sanctions on Russia’s energy, previous sanctions on Russia’s banking and shipping industries is essentially putting a chokehold on Russian oil exports, which have plummeted,” De Haan said. “Certainly those existing sanctions are having a significant impact, and that’s why oil have continued to go up in recent days.”
Drivers in New York state are apparently paying some of the steepest prices in the country at a statewide average price per gallon at $4.05, higher than the national average.
Such high gasoline prices are an experience not limited to the coasts alone; a reporter at Big League Politics found that out the hard way. Many gas stations in the Phoenix area of Arizona are now charging $4 a gallon, marking massive jumps from the previous average of just over $2 a gallon several years prior.
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