Gas Prices Continue to Rise; National Average Hits $3.65 Per Gallon

Wednesday, March 2, 2022 at 10:15 AM

Russia's invasion of Ukraine has drastically impacted the oil market.

Shutterstock photo.

WASHINGTON, D.C. – Gas prices continue to rise across the United States.

Russia’s invasion of Ukraine has drastically impacted the oil market.

Oil prices rose by 9 percent on Tuesday and are up nearly 5 percent as of Wednesday morning to $108.39 per barrel.

The increase in the global price of oil has led to higher pump prices in the U.S.

According to AAA, the national average for a gallon of gas has risen to $3.65 as of Wednesday morning. That is nearly 30 cents more than a month ago and 90 cents more than a year ago.

“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.”

Indiana was among the 10 states with the largest weekly increase in gas prices last week with an increase of more than 14 cents per gallon. Still, Indiana and Ohio rank in the middle of the pack in terms of cheapest gas prices. Kentucky is among 11 states that have the lowest gas prices in the country.

For more information, visit AAA Gas Prices.