Gas prices around the country are surging to levels not seen in more than a decade and are pushing toward a record high amid the fallout from Russia’s invasion of Ukraine.
According to AAA, as of Monday morning, the average price for a gallon of gas nationally was $4.06, up from $3.61 a week ago.
Missouri had the lowest average at $3.62, followed by Oklahoma at $3.64.
Meanwhile, California had the highest average at $5.34, followed by Hawaii at $4.69.
Oregon, Washington, Illinois, New York, Pennsylvania, and Connecticut were among the states with the next highest prices.
Patrick De Haan, head of petroleum analysis at GasBuddy, tweeted on Monday, “The national average [is] now just a penny from an all-time record.”
BREAKING: The national average now just a penny from an all-time record
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) March 7, 2022
Last year, gas prices surged to a seven-year high, and De Haan predicted that the increases would continue into 2022 — and that was before Russia launched its invasion.
De Haan told The New York Post that the prices increases across the country now “still has to do with the Russia-Ukraine situation.”
He also predicted that if the conflict escalates, “The impact could be more severe.”
Additionally, De Haan noted that while the U.S. has not placed sanctions on Russia’s energy sector, “Previous sanctions on Russia’s banking and shipping industries [are] essentially putting a chokehold on Russian oil exports, which have plummeted.”
“Certainly those existing sanctions are having a significant impact, and that’s why oil [has] continued to go up in recent days,” he added.
As gas prices rose, U.S. officials reportedly met with Venezuelan officials to discuss easing sanctions on the South American country’s oil sector.
According to The Wall Street Journal, “The proposals being discussed in the Venezuelan capital would ease sanctions for a limited period on U.S. national security grounds.”
Former President Donald Trump hit Venezuela’s oil sector with sanctions in 2019.
However, U.S. officials believe that easing sanctions could help alleviate rising prices and potentially create a wedge between Venezuela and Russia.
