January 31,2022
[GasPricesAAA] Uncertainty over Russia’s intentions toward Ukraine is contributing to higher crude oil prices, which are closing in on $90 per barrel. Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. Higher oil prices will lead to higher pump prices for drivers. The national average for a gallon of gas has risen to $3.36, three cents more than a week ago.
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up about 5 cents/gal since the report above; also up about $1/gal from last year at this time; currently WTI is well above $90/barrel; not directly related but there was a build up in inventory in January in durables (bad for next month's employment) |