Over the past two weeks, the average United States price of a gallon of regular-grade gasoline has shot up by 10 cents to $3.64 per gallon, continuing the upward trend seen since the start of 2021.
The average price of a gallon of gas in the United States is up almost a dollar from a year ago when it was $2.71 per gallon, according to AAA.
The price jump in crude oil costs is being accredited in part to Russia's invasion of Ukraine, according to industry analyst Trilby Lundberg, the Associated Press reported.
Patrick De Haan, the head of petroleum analysis at GasBuddy, a gas monitoring service, shared that possible sanctions of Russia, the world's second-largest oil producer, are part of the problem.
"The Russian invasion of Ukraine has sparked high level concern that oil production could eventually be stifled, or even sanctioned, from the world's second largest oil producer, leading to less supply as demand grows," De Haan said, ABC13 reported. "That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future."
Lundberg shared that increases are expected to continue as crude oil is already facing global supply concerns.
Seeing the brunt of the price increases is the San Francisco Bay Area, with an average price of $4.86 per gallon. On the other end of the spectrum, the city with the lowest average price per gallon is Houston, at $3.14 per gallon.
The price for diesel is also up about 12 cents from two weeks ago, priced at $4.02 per gallon.
Beyond the conflict in Russia, De Haan also pointed to the general increase seen this time of year.
"In addition to the unstable situation with the Russian invasion, we're also entering the time of year that seasonality pushes gasoline prices up by anywhere from 25 to 75 cents by Memorial Day," De Haan said. "It's simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon."
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