As tensions rise between Russia and the Ukraine, gas prices are also rising. In the last week alone, gas has gone up eight cents per gallon as the cost of oil is rising. Last week, oil hit $90 per barrel.
On Monday, GasBuddy released data showing that the national average price for a gallon of gas is $3.42. Compared to just one month ago, gas is up by 12.3 cents; in the last year, gas has risen 97.5 cents, says GasBuddy’s latest data. Gas hit this mark during the week of November 8, 2021. Unfortunately, experts believe that fuel prices will go even higher come spring and summer.
For a period of six weeks, gas has risen each week, even if only by a few cents. Last week, gas prices hit a seven-year high. The consistently growing price of fuel is putting even more stress on consumers across the country, who are seeing higher prices on everything from gas to groceries. Consumers were told just a few months ago that the inflation contributing to higher prices across the board were due to transitory inflation, but little has been done by the Biden Administration to ebb the upward trend of inflation.
The head of petroleum analysis at GasBuddy, Patrick De Hann, told Fox Business that last weeks’ jump in prices was the “largest weekly jump” since February 22, 2021, when gas prices leapt up 10.4 cents per gallon in a one-week period. He pointed to the rising tensions in Eastern Europe as the catalyst for such an increase.
De Haan released a statement to Fox Business, in which he related, “Tensions overseas are in the driver’s seat at present. Until there’s some change in the situation, I’d look for additional upward pressure on oil to continue as the situation escalates.”
De Haan pointed out that talks currently ongoing with Iran could eventually see more oil added to the current market; however, he added, “there’s a lot of work to do there.” De Haan pointed out that Iran’s releasing additional oil to the market could “alleviate pressure on oil.”
On Monday morning, the price of West Texas Intermediate crude oil was trading at $91.63 per barrel. Last week, however, the price hit $93 for the same product. This is the first time such an event has taken place since 2014.
De Haan published a blog post on Monday, in which he stressed that motorists can and should anticipate more price increases with projected larger jumps in oil and fuel prices this spring. Much of this jump can be attributed to both geopolitical tensions as well as seasonal increases. By the beginning of summer, De Haan wrote, “the national average could surge into record territory” by summer’s start, which is typically a heavy driving season.