WASHINGTON, Feb. 7, 2022—Blustery winter weather and geopolitical tensions are helping to drive the price of oil higher.
According to the American Automobile Association, oil is in the low-$90s per barrel, nearly $30 more than in August.
Recent cold weather in the United States increased the demand for heating oil, while tensions between Russia and the Ukraine continue to contribute to rising oil prices, according to AAA.
Russia is a member of OPEC+, and any western sanctions based on its actions toward Ukraine may cause Russia to withhold crude oil from the already tight global market.
This concern puts heavy upward pressure on prices, according to AAA.
The national average for a gallon of gas surged to $3.44, eight cents more than a week ago. The last time gas was this expensive was in 2014, according to AAA.
“This shows how events on the other side of the globe can have a noticeable impact right here in the U.S,” said Andrew Gross, AAA spokesperson. “And unfortunately for drivers, they are reminded of this by higher prices at the pump.”
Today’s national average for a gallon of gas is $3.44, which is 14 cents more than a month ago and 98 cents more than a year ago.
Florida had the third highest weekly increase in the United States, a 12 cent increase.
Area gas prices are around $3.25 a gallon for regular at Tom Thumb and CEFCO, with $3.15 at the Petro Express on North Ferdon Boulevard across from Kentucky Fried Chicken the lowest, and $3.45 at the Mobil station on Ferdon Boulevard north of Interstate 10 being the highest, according to Gas Buddy.
AAA news release