With the US banning all Russian energy imports, the price will likely go higher.
There’s no denying that drivers in the United States are suffering from high gas prices. According to AAA, the national daily average for fuel is now $4.17. According to the most recent statistics from the US Energy Information Administration, which was released on March 7, the weekly average was $4.10. The weekly total is a whopping 50 cents higher than the previous week, and $1.31 higher than what drivers spent at this time last year.
The lowest rates are dispersed in the centre part of the country, spanning the Great Plains from Texas to North Dakota, where average costs are still around $4.00, according to a map on AAA’s website. California has the highest rates, with an average of $5.44 per gallon for standard grade according to AAA. Using Gas Buddy to focus on specific localities, we discovered reports of premium fuel prices topping $6.00 per gallon in many California locales.
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Diesel gasoline is in considerably worse shape. The national weekly average for on-highway diesel surged 75 cents to $4.849 a gallon, according to the US Energy Information Administration. This is also a new high, surpassing the previous high of $4.845 established in July of 2008. Diesel costs, like gasoline, are normally lowest in the Great Plains and Midwest, with rates around $4.60. Diesel drivers in California are paying an average of $5.76 a gallon.
Oil prices have reached near-record highs due to market instability caused by Russia’s invasion of Ukraine. Oil prices peaked at $147 per barrel in July 2008, and they are already approaching that level. Brent crude hit a high of $139 two days ago before settling at $123 to end the session. In the same session, the West Texas Intermediate (WTI) reached a high of $130 before settling at $119.40. Brent is currently trading about $126 a barrel, while WTI is trading around $122 a barrel. The rise follows President Biden’s announcement that the US will prohibit all Russian energy imports, including oil.
Sources: US Energy Information Administration, AAA
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