Russian Tensions, Winter Weather Send Gas Prices Soaring Gas prices in Hatboro, Pa., Friday, Feb. 4, 2022. (AP Photo/Matt Rourke)
By Nicole Wells | Monday, 07 February 2022 07:38 PM
The possibility of conflict with Russia and the recent run of winter weather have caused U.S. gas prices to rise sharply, as the price of oil has gone up.
Falling by almost half a percentage point Monday, the price of oil remains above $90 per barrel, which is nearly $30 more than in August, AAA reported Monday.
With the recent cold weather, the demand for heating oil has increased, while the concern that Russia will respond to potential Western sanctions by withholding crude oil has put heavy upward pressure on prices.
“This shows how events on the other side of the globe can have a noticeable impact right here in the U.S.,” AAA spokesperson Andrew Gross said. “And, unfortunately for drivers, they are reminded of this by higher prices at the pump.”
According to AAA, the national average for a gallon of gas has surged to $3.44, which is eight cents more than a week ago. The last time gas was this expensive was in 2014.
The organization warned that if crude oil prices continue to climb, prices at the pump will probably follow suit.
With many European and Asian countries lifting coronavirus travel restrictions, demand for oil is likely to increase, driving prices even higher.
Amid a concerted global effort to prevent war from breaking out, Russia has denied any plans to attack neighboring Ukraine, but has amassed more than 100,000 troops near the Ukrainian border and issued a bold set of demands.
NBC News reports that French President Emmanuel Macron flew to Moscow Monday for crisis talks with Russian President Vladimir Putin, while new German Chancellor Olaf Scholz met with U.S. President Joe Biden at the White House. Macron will head to Kyiv on Tuesday, while Scholz is scheduled to travel to both Russia and Ukraine next week.