(March 1, 2022) WASHINGTON, D.C. — Russia’s violent invasion of Ukraine has roiled the oil market, with crude spiking briefly to over $100 a barrel before settling back into the mid-$90s. The increase in the global price of oil has led to higher pump prices in the U.S. The national average for a gallon of gas has risen 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. “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.”

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 600,000 barrrels to 246.5 million barrels last week. Meanwhile, gasoline demand rose slightly from 8.57 million barrels a day to 8.66 million barrels a day The increase in gas demand and a reduction in total supply contribute to rising pump prices. But increasing oil prices play the lead role in pushing gas prices higher. Pump prices will likely continue to rise as crude prices continue to climb.

Today’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).