CA Gas Tracker: Prices Skyrocket Amid Ukraine-Russia Conflict

Los Angeles CA

28 February, 2022

3:30 PM

Description

LOS ANGELES, CA — Gas prices were already on the rise because of inflation, but their recent rapid ascent can be blamed on Russia's invasion of Ukraine, which pushed pump prices to a record $4.82 per gallon in California. What's more, the state's average price of a gallon of regular gasoline spiked 10 cents in one week, according to AAA. The global price of oil has risen steadily since the deployment of Russian troops into Ukraine just five days ago. The price jump came after a rise in crude oil prices amid global supply concerns, and further increases are likely, industry analyst Trilby Lundberg of the Lundberg Survey said Sunday. "Russia's invasion and the responding escalating series of financial sanctions by the U.S. and its allies have given the global oil market the jitters," AAA spokesperson Andrew Gross said on Monday. "Like the U.S. stock market, the oil market responds poorly to volatility. It's an explosive situation and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers." Monday's national average price for a gallon of regular gas was $3.61 — 26 cents more than a month ago and 90 cents more than a year ago. "Russia is one of the leading oil producers globally, behind only the United States and Saudi Arabia," Gross said last week. "And if they choose to withhold their oil from the global market, such a move would eventually be reflected in higher gas prices for American drivers." California remained the most expensive gas market in the nation — and prices were expected to hit $5 per gallon as the international crisis disrupts oil markets. The California Counties With The Highest Average Price For Regular Gas Mono $5.72.Humboldt $5.04.San Luis Obispo $4.99.Inyo $4.99.Trinity $4.98.Del Norte $4.98.San Benito $4.97.Napa $4.97.San Mateo $4.95.Sonoma $4.95.Nevada $4.96.San Francisco $4.94. The California Counties With The Lowest Average Price For Regular Gas Modoc $4.59.Kings $4.59.Yuba $4.60.Stanislaus $4.61.Butte $4.62.Sutter $4.65.Glenn $4.66.Madera $4.66.Fresno $4.67. (Source: AAA) Patrick De Haan of GasBuddy told ABC7 that it may be quite a while before Golden Staters see lower prices again. "It's going to take us maybe a year or two to get back to normal. And for all of these issues to fade to the backdrop before we start to see more of what Californians have grown accustomed to, that is, $3, $4 a gallon prices," he told ABC7. READ MORE: CA 'Gas Tax Holiday' Proposed Amid Surging Fuel Prices President Joe Biden said last week that he was working to limit the effects on gasoline prices of economic sanctions on Russia. "I want to limit the pain the American people are feeling at the gas pump," Biden said last Tuesday from the White House. "This is critical to me." The Associated Press contributed to this report.