Geopolitical tensions surrounding Russia and whether it will invade Ukraine are driving the price of crude oil higher.
Crude has surged above $90 per barrel, nearly $30 more than last August. And winter weather in much of the U.S. has increased the demand for heating oil. These factors are causing gas prices to rise in most states but they’re not climbing as fast in Oregon. For the week, the national average for regular jumps eight cents to $3.46 a gallon. The Oregon average adds a penny to $3.93. This is the smallest weekly increase in the nation.
The concern that Russia will react to potential western sanctions by withholding crude oil from the already tight global market puts heavy upward pressure on oil prices. Russia is a member of OPEC+, and any sanctions based on Russia’s actions toward Ukraine may cause it to withhold crude oil from the global market.
“This shows how events on the other side of the globe and the other side of the country. can impact gas prices across the U.S. Unfortunately, drivers are reminded of this by higher pump prices,” says Marie Dodds, public affairs director for AAA Oregon/Idaho.
Oregon is one of 47 states and the District of Columbia where prices are higher now than a week ago. Oregon (+1 cent) has the smallest week-over-week increase in the nation. Ohio (+15 cents) has the largest. Utah, Idaho and Washington are the only three states with weekly declines and all are less than a penny.
California ($4.68) and Hawaii ($4.42) continue to have the most expensive gas prices in the country and are the only states in the nation with averages above $4 a gallon, while all 50 states and the District of Columbia have averages above $3 a gallon.
The cheapest gas in the nation is in Mississippi ($3.11) and Arkansas ($3.13). This week no states have averages below $3 a gallon, same as a week ago. For the 57th week in a row, no state has an average below $2 a gallon.
alifornia is the most expensive state for the 55th week in a row with Hawaii, Washington, Oregon, Nevada, and Alaska rounding out the top six. Arizona is eighth. Oregon is fourth for the fifth week in a row.
Six of the seven states have weekly increases. Arizona (+9 cents) has the largest weekly increase in the region. Oregon (+1 cent) has the smallest weekly increase in the region and the nation. Washington is the only state in the region with a week-over-week decrease and it’s just two-tenths of a cent.
