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Syndication: The Record
NEW YORK (77WABC) — There’s been some pain at the pumps as oil prices rise due to the Russian war on Ukraine.
Prices at the pumps are expected to continue to climb. According to data from AAA, the price of a gallon of gas increased 26 cents in February to $3.61, up almost one dollar from a year ago.
According to price tracker GasBuddy, motorists already are paying nearly $4.50 a gallon in U.S. states with the priciest fuel. In San Francisco, gas hit $5 a gallon Thursday.
Oil prices surged another $7 per barrel on Wednesday after an agreement by the U.S. and other major governments to release 60 million barrels from their national reserves — half of them U.S. barrels — failed to quell supply concerns over the conflict between Russia and Ukraine. Oil prices spiked again on Thursday following a new round of U.S. sanctions targeting Russia’s oil-refinery sector.
According to Reuters, the price of Brent crude oil, the international benchmark, rose to nearly $120 a barrel — its highest level in 10 years — before dropping back down to $112.75 a barrel.
