Apr 05, 2024 - 16:20
By foxbusiness.com

Gas prices creep up amid rising oil prices due to mounting tensions between Russia and Ukraine

Gas prices rose by just three cents last week. (iStock)

The national average gas price across the U.S. rose by just three cents last week and now sits at $3.56 per gallon, according to AAA’s weekly report.

With spring now here, gas demand is crawling up. Data from the Energy Information Administration showed that demand rose from 8.72 million barrels per day to 9.23 million barrels per day. With oil prices in the mid-$80s per barrel, gas prices are slowly creeping up.

The continued war between Russia and Ukraine and tensions in the Middle East also added to the rising cost of oil.

«Renewed Ukrainian attacks on Russia’s oil infrastructure and increasing tension in the Middle East spiked oil prices recently,» AAA Spokesperson Andrew Gross said. «And with the cost of oil accounting for roughly 60% of what we pay at the pump, there will likely be some upward pressure on prices.»

This week’s national average is 21 cents higher than this time last month and six cents higher than last year.

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These states saw the highest increases in gas prices

Since last week, certain states have seen higher increases in their average gas prices than others. The 10 states that had the highest increases include: