The impact of Russia’s invasion on Ukraine can be felt in the U.S. as the oil market takes a hit, ultimately affecting national gas prices.
Now, AAA is reporting that gas prices will continue to increase with the potential for the national average to top $4 a gallon by St. Patrick’s Day, March 17.
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Over the past week, the national average for a gallon of gas rose to $3.61. This is an eight-cent increase from the prior week, a 26-cent increase from more than a month ago and a 90-cent increase from over a year ago.
Meanwhile, Virginia saw a statewide average of $3.43. That’s a 4-cent increase from over a week ago, a 25-cent increase from more than a month ago and an 82-cent increase from more than a year ago from Feb. 28.
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“Russia’s invasion and the escalating sanctions by the U.S. and its allies have given the global oil market cause for concern,” says Morgan Dean, spokesperson for AAA Mid-Atlantic. “Like the U.S. stock market, the oil market responds poorly to volatility. It’s an explosive situation, and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers.”
The last time the national average topped $4 per gallon was in July 2008, according to AAA.
Here’s a breakdown from AAA on the average price per gallon of self-serve, regular gasoline on a national scale, statewide and then in various Virginia localities:
| Feb. 28 | Weekly Change (Up/Down) | January | 2021 | |
|---|---|---|---|---|
| National | $3.61 | Up 8 cents | $3.35 | $2.71 |
| Virginia | $3.43 | Up 4 cents | $3.18 | $2.61 |
| Charlottesville | $3.46 | Up 6 cents | $3.22 | $2.64 |
| Fredericksburg | $3.47 | Up 3 cents | $3.17 | $2.67 |
| Harrisonburg | $3.46 | Up 9 cents | $3.20 | $2.68 |
| Norfolk Area | $3.39 | Up 1 cent | $3.16 | $2.59 |
| Richmond | $3.40 | Up 2 cents | $3.15 | $2.63 |
| Roanoke | $3.38 | Up 7 cents | $3.14 | $2.54 |