Global Conflict Pushes Gas Prices Higher

WASHINGTON, D.C. — Russia's invasion of Ukraine and the ensuing sanctions implemented by numerous countries has had a dramatic effect on the global oil market, which saw crude oil spike to over $100 per barrel before settling in the mid-$90s.

In turn, U.S. drivers are seeing higher prices at the pump, with the national average for a gallon of regular gas rising eight cents on the week to $3.61, reported AAA.

"Russia's invasion and the responding escalating series of financial sanctions by the U.S. and its allies have given the global oil market the jitters," said Andrew Gross, AAA spokesperson. "Like the U.S. stock market, the oil market responds poorly to volatility. It's an explosive situation, and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers."

Data from the Energy Information Administration shows that total gasoline stocks fell by 600,000 barrels to 246.5 million barrels last week, while gasoline demand rose slightly from 8.57 million barrels per day to 8.66 million barrels per day. This combination of an increase in demand and reduction in total supply is contributing to the higher prices, but the rising cost of crude oil remains the primary factor, and prices at the pump will likely continue to climb as crude oil prices increase.

The current national gas price average is also 26 cents more than a month ago and 90 cents more than a year ago.

The top 10 largest weekly increases in the nation occurred in Michigan (18 cents), South Carolina (16 cents), Kansas (15 cents), Missouri (15 cents), Indiana (14 cents), Illinois (14 cents), Tennessee (14 cents), Georgia (13 cents), North Carolina (12 cents) and Arizona (10 cents).

The current top 10 most expensive markets are California ($4.82 per gallon), Hawaii ($4.54), Oregon ($4.02), Nevada ($4.02), Washington ($4.00), Alaska ($3.88), Illinois ($3.85), Arizona ($3.81), New York ($3.80) and Washington, D.C. ($3.77).