Gas Prices Spike Again In OH After Russia's Invasion Of Ukraine

Cleveland OH

01 March, 2022

12:30 PM

Description

OHIO — Russia's invasion of Ukraine has dominated international conversation and sent shudders through the global economy. As Americans brace for further inflation and thinning budgets, gas prices increased nearly 10 cents over the past week in Ohio. "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," said Andrew Gross, AAA spokesperson. "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." Russia is one of the world's largest energy producers and its invasion of Ukraine sent oil prices soaring on Tuesday. U.S. benchmark crude oil prices jumped 10.6% to $105.82 per barrel, reaching the highest price since 2014. Brent crude, the international standard, surged 9% to $106.82. Last week, a gallon of gas cost, on average, $3.34 in Ohio. On Monday, the average gallon of gas cost $3.41 in the Buckeye State. A month ago, a gallon of gas cost Ohioans $3.18. The Canton-Massillon area has the most expensive gas, according to AAA, with a gallon costing $3.46 on average. Belmont County and the Springfield region had the cheapest gallon of gas on Monday, both costing about $3.38 on average. Nationally, the average gallon of gas costs $3.61. That's up 26 cents from January. Reporting from the Associated Press was used in this article.