Invasion Sparks Increasing Fuel, Oil Prices

The Russian invasion of Ukraine boosted fuel prices last week. For the ninth straight week, U.S. fuel prices increased, with gas claiming 7.5 cents to an average of $3.59 per gallon, according to GasBuddy. The national average is up 23.2 cents from a month ago and 87.6 cents per gallon higher than a year ago. The national average price of diesel increased 5.5 cents in the last week and stands at $3.98 per gallon, the highest since March 23, 2014. GasBuddy’s Patrick De Haan says, “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 comes at a time of year when seasonality issues push gasoline prices up by anywhere from 25 to 75 cents by Memorial Day. De Haan says, “it’s looking like a perfect storm,” adding, there is “little to no relief anytime soon.”

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