Russia-Ukraine crisis has unleashed even higher gas prices
Russia's invasion of Ukraine has translated into even higher prices at the pump for Americans.
The nation's average gas price has climbed nearly 8 cents in the past week alone to $3.59 a gallon, according to new data from GasBuddy. Diesel prices are up about 6 cents in the past week.
Petrol prices are up more than 23 cents in the past month and nearly 88 cents since one year ago. Gas prices have gained for nine straight weeks. California had the highest gas prices in the nation at $4.80 a gallon.
“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 head of petroleum analysis at GasBuddy Patrick De Haan.
De Haan added prices could pop another 25 cents to 75 cents ahead of the prime time Memorial Day driving period.
The climb in gas prices the past week from already elevated levels reflects bubbling crude oil prices.
For instance, Brent crude oil prices touched $105 a barrel the day after Russia's invasion of Ukraine a week ago. Brent crude traded at about $102 a barrel on Monday. Prices are at similar levels on Tuesday amid lingering supply concerns.
Rising prices are sparking worries on the ability of consumers to withstand the pain this spring, which coincides with still high levels of food inflation.
"The biggest potential negative from this for the U.S. economy is a surge in oil prices," said EvercoreISI chairman Ed Hyman.
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, YouTube, and reddit
