The Average Gas Price is $3.72 in the US and is Expected to Rise
According to AAA, the US national average price for gasoline has risen up to $3.72, which is $0.31 cents higher compared to February 2022.
Because Russia exports approximately one-sixth of the world’s crude oil supply, the country’s invasion of Ukraine has caused a disruption in exports, resulting in an inflation in gas prices. As the war between the two nations continues, Americans can expect the price of gas to keep going up.
The price of oil rose to nearly $113 per barrel as of March 2nd, 2022, which is the highest it has been since 2014 when the cost had risen to only $107.
All 31 countries of the International Energy Agency (IEA) agreed that 60 million oil barrels (half of those coming from the U.S.) from their reserves “to send a strong message to oil markets” that despite Russia’s actions, there won’t be a “shortfall in supplies.”