Gas Prices Rise 8 Cents In Massachusetts Amid Russia's Invasion Of Ukraine
BOSTON (CBS) – Gas prices in Massachusetts are on the rise amid Russia's invasion of Ukraine, according to AAA.
The average price of gas is $3.62 per gallon, up 8 cents from last week and 1 cent higher than the national average.
Conflict between Russia and Ukraine has "roiled the oil market," with crude at one point surpassing $100 per barrel before falling back into the mid-$90 range. As a result, AAA said the price is increasing at the pump.
"Russia's invasion and the responding escalating series of financial sanctions by the U.S. and its allies have given the global oil market the jitters," AAA Northeast's Mary Maguire said in a statement. "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."
Gas in Massachusetts costs 26 cents per gallon more than it did a month ago and is 90 cents higher than one year ago.