The REAL National Crisis: Gas Prices Break Records In All States

Written By BlabberBuzz | Monday, 07 March 2022 12:00
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Gas prices increased by an average of 15.8 cents a gallon on Friday across the U.S. Prices were up another 8 cents on Saturday, as the cost at the pump rose 33 cents over the last week alone.

It comes as the second-highest spike in gasoline prices ever recorded and beaten only by the 18.1-cent spike when Hurricane Katrina tore through the Gulf in August 2005.

This time, Russia's war in Ukraine is having a drastic impact on the cost of crude oil, which sits at $114 a barrel. This, coupled with rising inflation at home by 7.5 percent, are the main culprits why drivers are spending over $100 to fill up on a full tank of regular unleaded gas in nearly a third of the country.

Since Russia invaded its neighbor, gas prices have risen by 37 cents.

There are now eleven states - California, Hawaii, Nevada, Oregon, Washington, Alaska, Illinois, Arizona, New York, Connecticut and Pennsylvania - where the average price has already exceeded $4 a gallon. Another six states have average gas prices hovering near $4 a gallon.

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Those filling up their cars on Friday winced at the spiraling prices.

California drivers are paying an average of more than $5 for a gallon ($1.34 per liter), according to the American Automobile Association (AAA), up more than a third from a year ago.

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'It's going to affect the prices,' resident Mike Hernandez said, referring to the conflict in eastern Europe. 'I'm not really into politics or anything like that, but now that this thing is going on between Russia and Ukraine, it's just that sad.'

Russian President Vladimir Putin's invasion of neighboring Ukraine has sent financial markets into meltdown.

Prices for crude oil, the raw material for gasoline, have been hit hard and are up well above $110 a barrel, with players fretting about the impact on Russian supplies, as sanctions choke Moscow off from the global economy.

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The average price of gas one year ago was $2.75 a gallon. Prices were recovering from the pandemic when stay-at-home orders and business shutdowns slashed demand for gasoline.

Last summer, a lack of supply resulted in a gas shortage, sending U.S. gas prices to a seven-year high.

'This is not the end of it. We're already up another 14 cents on wholesale gas prices this morning,' stated Tom Kloza, global head of energy analysis for OFFICE to CNN.

'It's absolutely out of control. When you get this quick, and this dramatic, you really scald the public,' he further stressed.

While all countries have access to the same gasoline, subsidies or taxes imposed locally mean the ultimate cost to consumers varies immensely.

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