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U.S. gasoline prices soar to highest since 2008 on Russia conflict -AAA -Breaking

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© Reuters. FILEPHOTO: A sign with current gas prices is visible as traffic passes by, San Diego, California. U.S.A. February 28, 2022. REUTERS/Mike Blake

(Reuters) – U.S. gasoline prices jumped 11 percent over the last week to their highest level since 2008. This is because of global sanctions that have made it impossible for Russia to export crude oil following its invasion in Ukraine. Automobile club AAA stated on Sunday.

AAA stated that the average U.S. regular gasoline price was $4.009 on Sunday. That’s an 11% increase from $3.604 per week, and a 45% rise from $2.760 in a year.

AAA stated that this was the highest regular-grade gasoline average since July 2008 when prices soared to an all-time high of $147.27 per barrel.

According to AAA, California is the most expensive country for gas at $5.288 per gallon. Hawaii (4.695), Nevada (4.526), and Oregon (4.466) are next.

GasBuddy is the leading provider of gasoline prices. It reported that U.S. gasoline prices rose nearly 41 cents to $4 per gallon. That’s just 10 cents above the previous record of $4.103 per gal.

GasBuddy reported that the weekly rise was second highest ever. This follows a jump in gasoline prices of 49 cents per gallon over the week ending Sept. 3, 2005 after Hurricane Katrina devastated the U.S. Gulf Coast.

The total domestic gasoline inventory decreased by nearly 500,000 barrels, to 246,000,000 barrels, during the week that ended February 25, but gasoline demand increased from 8.66 Million barrels per day to 8.74 Million bpd according to U.S. Energy Information Administration’s (EIA), most recent weekly data.

AAA released the following statement: “An increase of gas demand along with a reduction total supply is contributing to price rises, but rising oil prices continue play a leading part in pushing prices higher,” AAA added in a release. AAA further stated that “pump prices are likely to continue to rise, as crude oil prices continue their climb.”

U.S. crude futures advanced 26% to close at $115.68. This is their highest close ever since September 2008.

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