Higher oil prices and increasing demand for gas pushed the average national price to $4.37 a gallon, according to data from AAA. As the chart below shows, the average has now surpassed the previous high of $4.33—fallout from Russia’s invasion of Ukraine. The price of crude oil, which accounts for more than half the price at the gas pump, reached almost $110 a barrel last week after falling below $100 in late April. (As of Tuesday, it was back down around $100.) Those increases as well as rising demand and lower supplies of gas have been pressing pump prices higher, AAA said. The national average for gas was $3.54 a gallon when Russia invaded Ukraine on Feb. 24. Sanctions against Russia proceeded to take as much as 3 million barrels of Russian oil off the market per day, increasing international oil demand and pushing prices higher. After the White House released oil saved in strategic reserves in late March, prices began to drop, but the downward trajectory was short-lived. Have a question, comment, or story to share? You can reach Terry at tlane@thebalance.com. Want to read more content like this? Sign up for The Balance’s newsletter for daily insights, analysis, and financial tips, all delivered straight to your inbox every morning!
