Where Is The Cheapest Gas In Your Area?
PHILADELPHIA (CBS/CNN) - Gas prices are higher than they've been in over a decade. In some cases, they're breaking records. In Pennsylvania, New Jersey, and Delaware gas prices have surpassed the national average which has risen above $5 for the first time.
The war in Ukraine is skyrocketing gas prices. The national average has soared 52 cents a gallon, or 15%, since February 24, the day Russia invaded Ukraine. It is the fastest increase since Hurricane Katrina hit the U.S. Gulf Coast and much of the domestic oil and refining industry in 2005. Russia is one of the world's major oil exporters, with most of its output going to Europe and Asia. Russian oil made up only 2% of U.S. imports in December, according to Energy Department data. But oil is priced on global commodity markets, so the impact is felt everywhere.
The sanctions placed on Russia's economy following the invasion have so far exempted oil exports. But traders have been reluctant to purchase Russian oil because of uncertainty about closing transactions given the limits on the country's banking sector, as well as concerns about finding oil tankers willing to dock in Russian ports.
"Gas prices will skyrocket every day unless there is a breakthrough that ends the de facto boycotts for Russian oil," said Kloza. He said that about 3 million barrels a day of Russian oil are now absent from the global markets — which was experiencing tight supplies and rising prices even before the war started.
In the meantime, if you're looking for some simple ways to conserve gas, experts recommend you perform regular maintenance on your vehicle, keep your tires properly inflated and don't accelerate or brake aggressively.
You can also find the cheapest gas near you at GasBuddy, by clicking here.
Editor's Note: CBS does not endorse GasBuddy and is not responsible for the prices listed on the site.