(February 23, 2022) WASHINGTON, D.C. —The potential invasion of Ukraine by Russia is having a rippling effect on the oil market, which in turn is driving up the price of gasoline in the U.S. The national average for a gallon of gas has risen to $3.53, four cents more than a week ago, according to AAA.
   

   


A Russian attack would be met by severe financial sanctions led by the United States and its allies. Russia will likely retaliate by withholding oil from the world market, which is already tight and struggling to keep up with demand as nations worldwide move on from COVID-related economic slowdowns.

“Russia is one of the leading oil producers globally, behind only the United States and Saudi Arabia,” said Andrew Gross, AAA spokesperson. “And if they choose to withhold their oil from the global market, such a move would eventually be reflected in higher gas prices for American drivers.”

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.3 million barrels to 247.1 million barrels last week. On the other hand, gasoline demand fell from 9.13 million barrels a day to 8.57 million barrels a day. Typically, a decrease in gas demand during the winter would put downward pressure on pump prices, but elevated crude prices continue to push pump prices higher.



Today’s national average for a gallon of gas is $3.53, which is 21 cents more than a month ago and 90 cents more than a year ago.

Quick stats

The nation’s top 10 largest weekly increases: Ohio (+10 cents), Maryland (+8 cents), North Carolina (+7 cents), Minnesota (+6 cents), Nevada (+5 cents), Louisiana (+5 cents), New Hampshire (+5 cents), Arizona (+5 cents), New York (+5 cents) and Hawaii (+5 cents).

The nation’s top 10 most expensive markets: California ($4.74), Hawaii ($4.51), Oregon ($3.98), Washington ($3.98), Nevada ($3.95), Alaska ($3.85), New York ($3.75), Pennsylvania ($3.73), Washington, D.C. ($3.72) and Arizona ($3.71).