Business, Sci-Tech

Russia/Ukraine conflict causes gas prices to spike for ninth straight week

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NOTTINGHAM, MD—For the ninth consecutive week, the nation’s average gas price has posted a rise, climbing 7.5 cents from a week ago and stands at $3.59 per gallon on Monday, according to GasBuddy data compiled from more than 11 million individual price reports covering over 150,000 gas stations across the country.

The national average is up 23.2 cents from a month ago and 87.6 cents per gallon higher than a year ago. The national average price of diesel has risen 5.5 cents in the last week and stands at $3.98 per gallon, the highest since March 23, 2014.

“The Russian invasion of Ukraine has sparked high level concern that oil production could eventually be stifled, or even sanctioned, from the world’s second largest oil producer, leading to less supply as demand grows. That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “In addition to the unstable situation with the Russian invasion, we’re also entering the time of year that seasonality pushes gasoline prices up by anywhere from 25 to 75 cents by Memorial Day. It’s simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon.”

The most common U.S. gas price encountered by motorists stood at $3.49 per gallon, up 10 cents from last week, followed by $3.59, $3.39, $3.29, and $3.19 rounding out the five most common prices. The average cost at the priciest 10% of stations stands at $4.47 per gallon, up 8 cents from a week ago, while the lowest 10% average $3.14 per gallon, up 7 cents from a week ago. The median U.S. price is $3.49 per gallon, up 10 cents from last week and about 10 cents lower than the national average. The states with the lowest average prices: Arkansas ($3.21), Mississippi ($3.24), and Oklahoma ($3.25). The states with the highest prices: California ($4.80), Hawaii ($4.52), and Nevada ($4.02).

See previous gas price reports here

In the coverage area, the cheapest gas as of Monday could be found at the following locations:

$3.35 per gallon
Sam’s Club
6410 Petrie Way Road
Rosedale, MD 21237

$3.39 per gallon
9919 Pulaski Highway
Middle River, MD 21220

$3.39 per gallon
BJ’s Wholesale Club
4201 Wholesale Club Drive
Nottingham, MD 21236

Photo by Ingo Joseph from Pexels

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