WASHINGTON, March 7, 2022—Soaring crude prices are leading to higher pump prices in the United States as the conflict between Russia and Ukraine continues.
The national average for a gallon of gas is $4.06, 45 cents more than a week ago, 62 cents more than a month ago and $1.30 more than a year ago.
The national average has not been this high since July 2008.
Related: “Ukraine-Russian standoff affecting oil market”
According to GasBuddy, regular gas in Crestview ranges from 3.99 at Petrol Express on N. Ferdon Boulevard to $4.29 at Mobile on S. Ferdon. Tom Thumb is selling regular for $4.19 and CEFCO for $4.15.
A tank of premium is creeping up to $5 a gallon. Tom Thumb here is selling premium at $4.79 a gallon as of yesterday.
Last week, the International Energy Agency announced a coordinated release of crude oil from its 31 member countries’ strategic reserves, including the United States, Germany, Canada, South Korea and Mexico, to help counter the impact of rising crude prices.
Member states committed to releasing oil from their strategic reserves—half of which is expected to come from the United States—is the largest coordinated release since IEA was founded in 1974.
Despite this announcement, the impact on pricing has been limited given that the amount of oil planned for release is small in comparison to the amount flowing daily from Russia to other countries around the globe.
The increase in gas demand and a reduction in total supply contribute to rising pump prices. But, increasing oil prices play a leading role in pushing gas prices higher.
Consumers can expect the current trend at the pump to continue as long as crude prices climb.
Staff and AAA news release