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Gas Prices Jump Due The Russian Invasion Of Ukraine

The average price of gas in Arizona jumped nearly ten-cents a gallon this week from last week. Triple-A Arizona says the average price of gas in the state is $3.83 a gallon, which is up from $3.74 a gallon on average last week. In Flagstaff, the average price of gas is up over 11-cents a gallon to $3.89 on average. In Prescott, the average price of gas is up six-cents a gallon on average to $3.74 a gallon. Some stations are selling gas for $3.69 and lower. The rise of prices at the pump is because the price of crude oil is over $110 a barrel. Crude oil prices continue to surge as the conflict between Urkraine and Russia continues to bring uncertainty to the market. To help counter the impact of rising oil prices the International Energy Agency is releasing 60-million barrels of crude oil from 31 countries’ strategic reserves, including the U.S., which will contribute half of the release. Officials say even with the release, crude oil prices are expecting to continue to rise as long as Russia continues its march through Ukraine.

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