Russia’s invasion of Ukraine sparked gasoline prices to rise by more than 11 cents per gallon since Monday, AAA said Wednesday, pushing the cost to more than $5 and higher in some locations.
The national average for a gallon of regular gasoline reached $3.72, the auto club said. According to Energy Information Administration, the total domestic gasoline stocks decreased by 500,000 barrels to 246 million barrels last week.
Demand for gasoline, though, increased from 8.66 million barrels per day to 8.74 million barrels per day, creating the perfect storm to drive up gasoline prices.
The West Coast led the nation in gasoline prices, going for an average of $4.311 for a gallon, according to the EIA. The central Atlantic region was next with an average of $3.712. Gasoline prices in all regions of the United States are up at least 80 centers per gallon from a year ago.
“San Francisco just made history as the first-ever U.S. city to reach an average of $5 gas,” Patrick De Haan, head of petroleum analysis for GasBuddy, said in a statement. “And unfortunately, this record is likely just the beginning of a larger trend of price spikes to come to California and the entire country.
“While Bay Area prices might be leading the way, for now, there’s a possibility here for the entire state of California to follow suit, with gas prices potentially rising over the $5 mark this spring.”
Contributing to California’s high prices at the pump is the state gasoline tax of 51.1 cents the gallon, the highest in the country.
One Shell gas station in Portland, Ore., offered regular gas at $6.29 per gallon.
“Shell-branded operators are independent business people who make their own operating decisions and set gasoline prices as they believe appropriate,” a Shell spokesperson told KPTV. “While we do not have control of prices at independently owned Shell-branded stations, we do encourage them to act responsibly when setting prices at the pump.”
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they love there democrats in califonia so let them live with the greenies policies.
Most of the difference paid for the extra buck and a half per gallon is in state taxes, and the ability of the oil companies to charge higher profits which just grows their companies more. Socialism is a one-way trip to extinction for whoever collectively embraces it.Whatever it seeks to grow it eventually diminishes, anything it seeks to diminish it always ends up growing.
“While we do not have control of prices at independently owned Shell-branded stations, we do encourage them to act responsibly when setting prices at the pump.”
Democrats by nature are greedy, corrupt and think the world owes them. Don’t hold your breath while waiting for Democrats to act responsibly when setting prices at the pump.
Exactly. This is something i have OFTEN griped about.. HOW CAN something going on in a nation THAT DOESN’T even produce or process oil, or as much as many others, RAISE PRICES SO damn much? ALSO how is it a gas tank of gas, ALREADY PROCESSED AT say 89$ a barrel, suddely spike ‘when it gets into the pump station’ to 101 a barrel’s worth? I have NOT ONCE EVER had anyone properly explain that to me.
Replacement cost. How much will it cost to refill the underground tanks in the future.
For example, imagine a 10,000 storage tank. The station owner buys gas to fill the tank when the price per gallon is $4.00. It would cost $40,000 to fill the tank from empty. The next day the price for gasoline futures, increases to $5.00 per gallon, or $50,000 to refill the tank. If the station owner does not sell the $40,000 worth of gasoline for at least $5.00 per gallon he will not have enough money to refill the 10,000 gallon tank.
Thanks again Puppet Prez Joe!
Let’s Go Brandon!
YEA let’s go brandoN!!!
LET’S GO BRANDON