Gas prices in the U.S. have quickly soared after Russia invaded Ukraine. Across the U.S., no state has an average gas price any lower than $3.50 as of Sunday.
Some of the highest prices seen include $6.95 a gallon for regular and $7.55 for premium in Los Angeles, California, NBC Los Angeles reported.
West Texas Intermediate crude futures, the U.S. oil benchmark, reached $115.68 per barrel. JPMorgan analysts said last week that the price of oil would reach $185 per barrel by the end of 2022.
Energy Word founder Dan Dicker predicted that these prices would come as the price per barrel goes up. In February, he told Yahoo Finance Live, “My guess is that you are going to see $5 a gallon at any triple-digit [oil prices] … as soon as you get to $100 [per barrel]. And you might get to $6.50 or $7.”
The West Coast has seen some of the highest prices. California’s average price per gallon is $5.28, Nevada is at $4.52, Washington is at $4.40, and Oregon is at $4.46. Meanwhile, Hawaii is at $4.69 per gallon.
On the East Coast, New York’s average is $4.20 per gallon, Connecticut is at $4.20, Illinois is at $4.26, and Michigan is at $3.90 per gallon, according to the American Automobile Association.
The Russia-Ukraine conflict has been the main catalyst for the rise in gas prices. Russia is the third-largest producer of oil in the world, which accounts for around 12% of the global crude oil production, according to Statista.
A nuclear deal with Iran would mean lifting sanctions on its oil sector but it may take several months to restore oil flows.
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