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Shop NowThe average cost of a gallon of gasoline in the U.S. soared on Monday to more than $4 amid Russia‘s brutal invasion of Ukraine.
According to AAA, the average cost per gallon was $4.065 as of the morning of Monday, March 7th, rising from Sunday when reports over the soaring prices began to circulate widely in the media.
The figure is barely below the all-time high of $4.103 and is the highest since 2008.
While most average prices in states around the country are hovering just below $4, certain states — such as California, Nevada, and New York — have reached exorbitantly high costs. In deep-blue California, the average cost per-gallon of gasoline is well over $5.
According to reporting by The Blaze, “The skyrocketing prices are driven by fears over crude oil supply as private companies continue to boycott Russian energy and the U.S. and other Western nations consider embargos on Russian oil as a penalty for their attack on neighboring Ukraine.”
On Monday, March 7th, Brent crude oil, which is the international benchmark, was up 14%, trading at nearly $130 a barrel, double what it was trading for just a few months ago.
BREAKING: Oil prices surge to 13-year high at the open of trading amid Russia-Ukraine war; stock futures drop around 1% https://t.co/9Jv1ArhFHR pic.twitter.com/Aa0iiKrElv
— CNBC Now (@CNBCnow) March 6, 2022
Despite the fact that many Western nations have avoided placing their sanctions on Russia’s energy sector as they attempt to cripple Russia for its invasion of Ukraine, the market is still responding to Moscow’s war.
“The market is self-sanctioning — in other words, buyers are avoiding Russian products,” CNBC reports. “According to estimates from JPMorgan, 66% of Russian oil is struggling to find buyers. This is creating supply fears in what was an already tight market prior to Russia’s invasion.”
If the United States and other nations follow through with a formal embargo against Russian oil, it’s expected that oil and gas prices will rise even more, which will lead to serious problems for average Americans when it comes to filling up their tanks.
