As the Russia-Ukraine conflict causes more agony at the pump for American motorists, gas prices are soaring across the country, with no signs of slowing down.
According to figures from the American Automobile Association, the national average price of a gallon of gas was $3.84, up a whopping 27 cents from only one week ago (AAA). When compared to the same time last year, prices have risen by more than $1 per gallon.
With prices rising at a quick pace, the US could be weeks away from setting a new high for the national average, surpassing the previous high of $4.11 set in July 2008. Patrick De Haan, a Gas Buddy analyst, believes the country will break through the $4.10 mark by the end of April.
“The majority of what we’re seeing has to do with the Russia-Ukraine crisis,” De Haan said of the recent price increases. “The impact could be more severe if the situation develops or intensifies.”
Russia’s aggressive invasion of Ukraine has exacerbated global energy market disruptions, with suppliers already failing to satisfy rising demand as countries recover from the COVID-19 pandemic.
The cost of gasoline is rising in lockstep with the cost of oil. On Friday afternoon, West Texas Intermediate crude oil, the US pricing benchmark, was trading at $112 per barrel. Just a month ago, the same index was trading at around $90.
“While the United States has not yet imposed sanctions on Russia’s energy sector, previous restrictions on Russia’s banking and shipping industries have effectively stifled Russian oil exports, which have plunged,” De Haan added. “Those current penalties are undoubtedly having a substantial impact, which is why oil prices have continued to rise in recent days.”
New York state drivers pay some of the highest gas costs in the country. The statewide average price per gallon was $4.05, approximately 30 cents higher than the national average.
Prices are even higher on the West Coast. In California, the statewide average has eclipsed $5 per gallon — the most expensive on record since AAA has tracked data.
As The Post previously reported, some analysts warn it’s possible that the national average could eventually surpass $5 per gallon — especially if international sanctions lead Russia to curb oil exports.
The Biden administration already faces mounting pressure to take actions that would alleviate costs to American households.
During his State of the Union address, President Biden stated, “I will use every weapon at our disposal to safeguard American businesses and consumers.”
Earlier this week, Federal Reserve Chair Jerome Powell warned that the fuel crisis would push inflation much higher in the coming days, which had already reached a four-decade high of 7.5 percent in January.