Russia’s invasion of Ukraine escalates oil prices

Russia’s invasion of Ukraine last Thursday has roiled the oil market, with crude spiking briefly to over $100 per barrel of crude oil (bbl) before settling back into the mid $90s.

According to Monday’s AAA’s weekly report, the increase in the price of oil globally led to higher pump prices in the U.S. The national average for a gallon of gas rose to $3.61, eight cents more than a week ago.

“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 in Monday’s release. “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.”

Florida has the 25th most expensive average price per gallon in the United States at $3.52, up three cents since last week.

In Gainesville, the average cost for regular unleaded per gallon is $3.56, which is up from $3.53 last week and $3.35 a month ago, according to the AAA. This marks a jump of nearly a dollar from a year ago when the average price per gallon was $2.63.

GasBuddy reports found the lowest gas price gallon in Alachua County is $3.39 at Circle K at 16070 Martin Luther King Blvd. in Gainesville and Circle K at 15089 NW 441 in Alachua. 

Monday’s national average for a gallon of gas is $3.61, which is 26 cents more than a month ago and 90 cents more than a year ago.

Quick Stats 

The nation’s top 10 largest weekly increases: 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 nation’s top 10 most expensive markets: California ($4.82), 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).

National Gas Price Comparision 2019-2022 chart 2-28-22

 

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