Russia-Ukraine Issue Driving Fuel Prices Higher

For the seventh straight week, the nation’s average gas price climbed, up 4.6 cents from a week ago to $3.47 per gallon. The national average is up 16.5 cents from a month ago and 97.2 cents per gallon higher than a year ago. The national average price of diesel increased 8.9 cents in the last week to $3.87 per gallon, the highest since July 2014. The jump in gasoline prices continues as oil prices continue to push higher, reaching $94 per barrel last week on continued concern over the possible imminent threat that Russia may invade Ukraine. GasBuddy’s Patrick De Haan says, “I see no other potentials in the short term but additional price increases unless Russia does an about-face on Ukraine.” Beyond that, seasonal issues will push prices further higher, including the multi-month transition to summer gasoline. U.S. retail gasoline demand rose last week as stations refueled after major winter storms boosted demand.

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