Uncertainty over Russia’s intentions toward Ukraine is contributing to higher crude oil prices, which today hit $90 per barrel. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. Higher oil prices will lead to higher pump prices for drivers. The national average for a gallon of gas has risen to $3.41, eight cents more than a week ago.
“At the moment, only one person knows why Russia is threatening Ukraine, and that’s Russian President Vladimir Putin,” said Dan Goodman, manager of public affairs for AAA Northern New England. “And the tensions along the Ukrainian border have helped push crude oil prices higher almost daily.”
- Maine’s average current price is $3.44 per gallon, which is 3 cents higher than one week ago, and one dollar higher than a year ago.
- New Hampshire’s average current price is $3.33 per gallon, which is 5 cents higher than one week ago, and 97 cents higher than a year ago.
- Vermont’s average current price is $3.45 per gallon, which is 6 cents higher than one week ago, and $1.04 cents higher than a year ago.
According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks grew by 1.3 million bbl to 247.9 million bbl. On the other hand, gasoline demand rose slightly from 8.22 million b/d to 8.51 million b/d. The increase still puts gas demand in a typical range for the winter driving season, which pre-COVID was 8.8 million b/d in mid-January 2020. Continued growth in crude oil prices has helped maintain elevated pump prices. As oil prices hit $90 a barrel, pump prices will likely follow suit.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad, and Android. The app can also map a route, find discounts, book a hotel, and access AAA roadside assistance. Learn more at AAA.com/mobile.