U.S. gas prices rise on higher oil prices brought on by Russian invasion of Ukraine

An increase in the global price of crude oil brought on by Russia’s invasion of Ukraine has led to higher gasoline prices in the United States, AAA said Monday.

The national average for a gallon of gas rose to $3.61. That’s 8 cents more than a week ago, 26 cents more than a month ago and 90 cents more than a year ago, according to AAA.

“Russia’s invasion and the responding escalating series of financial sanctions by the U.S. and its allies have given the global oil market the jitters,” AAA spokesman Andrew Gross said. “Like the U.S. stock market, the oil market responds poorly to volatility. It’s an explosive situation, and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers.”

While the rise in oil prices is the main reason, an increase in gas demand coupled with a reduction in total supply has also contributed to rising prices, AAA said.

According to price tracking service GasBuddy, the average price in the Pittsburgh area is $3.67. That’s 0.9 cents more than last week, 17.3 cents per gallon more than a month ago, and 72.1 cents more than a year ago.

Prices in Pittsburgh ranged from $3.37 up to $3.89, a difference of 52 cents per gallon, GasBuddy said, based on its survey of 731 stations. Statewide, prices ranged from $3.29 up to $4.64, a difference of $1.35 per gallon.

The Russian invasion of Ukraine has caused concern that oil production from Russia, the world’s second largest producer, could eventually be stifled or even sanctioned, leading to less supply as demand grows, said Patrick De Haan, head of petroleum analysis at GasBuddy.

“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,” De Haan said.

“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,” he said. “It’s simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon.”