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US Gasoline Prices Soar to Highest Since 2008 Due to Russia Conflict – AAA

FILE PHOTO: Traffic drives past a sign displaying current gasoline prices in California
FILE PHOTO: Traffic drives past a sign posting current gas prices in San Diego, California, U.S., February 28, 2022. REUTERS/Mike Blake

March 7, 2022

(Reuters) – US gasoline prices at the pump rose 11% last week to their highest level since late July 2008 as global sanctions affect Russia’s ability to export crude oil after its invasion of Ukraine, the AAA said On Sunday.

AAA said average US gasoline prices hit $4,009 a gallon on Sunday, up 11% from $3,604 a week ago and up 45% from $2,760 a year ago.

The Automobile Association, whose data dates back to 2000, said US retail gasoline prices hit a record $4,114 a gallon on July 17, 2008, around the same time as US crude oil futures rose a record $147.27 a barrel.

The country’s most expensive gas, according to the AAA, is California at $5,288 per gallon, followed by Hawaii ($4,695), Nevada ($4,526) and Oregon ($4,466).

US gasoline futures, meanwhile, rose to a record $3,890 a gallon on Sunday. [O/R]

Gasoline price provider GasBuddy said the average price of U.S. gasoline rose nearly 41 cents a gallon, topping $4 for the first time in nearly 14 years and down just 10 cents from an all-time record of $4,103 a gallon.

GasBuddy said the weekly increase was the second-biggest ever, after jumping 49 cents a gallon in the week of September 3, 2005, after Hurricane Katrina tore through the US Gulf Coast.

“Rising oil prices continue to play a leading role in driving prices higher,” AAA said in a press release, noting that “pump prices are likely to continue to rise as crude oil prices continue to rise.”

US crude futures rose more than 12% late Sunday to $130.50 a barrel, the highest since July 2008, as the United States and its European allies consider banning imports of Russian oil.

(Reporting by Scott DiSavino; Editing by Bill Berkrot and Kenneth Maxwell)

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Caroline Bleakley

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