Russia’s invasion of Ukraine has roiled the oil market, with crude spiking briefly to over $100/barrel before returning to the mid-$90s, leading to higher prices at the pump, says AAA Northeast.
Today, the national average price of $3.61 for a gallon of self-serve regular is about 8 cents higher than last week, 25 cents higher than last month, and 89 cents higher than last year.
Uncertainties abound about how war could impact the oil market, including:
- How much the decision to block some Russian banks from SWIFT will hamper Russian energy exports
- Whether any export pipelines will be damaged
- What OPEC decides to do with production levels
“Russia’s invasion and the sanctions by the U.S. and its allies have given the global oil market the jitters,” said Alec Slatky, Director of Public and Government Affairs for AAA Northeast. “The oil market responds poorly to volatility, and U.S. consumers feel the effects at the pump.”
Today, Arkansas registers the lowest prices in the nation at $3.23, followed by Kentucky at $3.25. California and Hawaii continue to hold the highest prices in the nation at $4.83 and $4.55, respectively.
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