Gas prices will be rising because of the Russian invasion of Ukraine, and a national average of $4.00 could be on the horizon.
Tom Kloza, the global head of energy analysis for the Oil Price Information Service thinks it could be soon. Mid march specifically, which would be the first time the average gallon cost hit that mark since the summer of 2008 when it peaked at $4.11.
$4.00 per gallon gas is already a reality in numerous states, including California, Oregon, and Hawaii. Washington and Nevada are just Pennis below it.
California leads the nation with an average price of $4.77, and one station in Los Angeles posted prices as high as $6.00 per gallon.
The war in Ukraine is just one reason gas prices are soaring in the US; there’s also robust demand after the Omicron surge died down.
According to the U.S. Energy Information Administration, as of 2020, Russia contributed about 7% of gross petroleum imports to the U.S. and we get about 3% of our oil from Russia.
Other countries from which the U.S. imports oil include Canada and OPEC countries of Saudia Arabia and Venezuela.
Some states should stay below the $4.00 average, including Texas, Oklahoma, Arkansas, Kansas, Missouri, Kentucky, and Mississippi.
On Saturday, the national average was $3.54 per gallon.
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