“I will use every tool at our disposal to protect American businesses and consumers,” President Biden said during his State of the Union address.Įarlier this week, Federal Reserve Chair Jerome Powell warned that the fuel crisis would cause inflation - which already hit a four-decade high of 7.5% in January - to surge even higher in the days ahead. Some warn it’s possible that the national average could surpass $5 per gallon. The Biden administration already faces mounting pressure to take actions that would alleviate costs to American households. Get the latest updates in the Russia-Ukraine conflict with The Post’s live coverage. In California, the statewide average has eclipsed $5 per gallon - the most expensive on record since AAA has tracked data.Īs 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. Prices are even higher on the West Coast. Gas prices have surged as the Russia-Ukraine war escalates.
The statewide average price per gallon was $4.05 - higher than the national average and up nearly 30 cents compared to one week ago. “Certainly those existing sanctions are having a significant impact, and that’s why oil have continued to go up in recent days.”ĭrivers in New York state are paying some of the steepest prices in the country. “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. The same index was at approximately $90 just one month ago. West Texas Intermediate crude oil - the US benchmark for prices - was trading above $112 per barrel on Friday afternoon. Gas prices are rising alongside oil prices. In California, the statewide price has already surpassed $5 per gallon. Russia’s unprovoked invasion of Ukraine has only added to disruptions in the global energy marketplace - where suppliers were already struggling to meet surging demand as countries recover from the COVID-19 pandemic. “If that situation worsens or if it escalates, the impact could be more severe.” “The bulk of what we’re seeing still has to do with the Russia-Ukraine situation,” De Haan said regarding the recent hikes. Gas Buddy analyst Patrick De Haan expects the country to hit the $4.10 barrier before the start of April. With prices increases at a rapid rate, the US may be just weeks away from the highest national average on record - shattering the previous high of $4.11 in July 2008. Costs have increased by more than $1 per gallon compared to the same period a year ago. The national average price of a gallon of gas was approximately $3.84 - up by a shocking 27 cents compared to just one week ago, according to data from the American Automobile Association (AAA). Gas prices are skyrocketing around the US - with little sign of slowing down - as the Russia-Ukraine war drives more pain at the pump for American motorists. Wholesale prices jump more than expected on surging energy prices
#GAS PRICES SKYROCKET DRIVERS#
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