The average cost of a gallon of gasoline in Massachusetts has soared 8 cents in the past week as the war in Ukraine drives up the price of crude oil on the international market, which in turn is felt at the pump in the U.S., AAA Northeast said this week.
Drivers in Massachusetts are spending an average of $3.62 per gallon now, 24 cents higher than one month ago and 98 cents more than one year ago.
The Massachusetts average price is a penny higher than the national average.
Crude oil spiked briefly to more than $100 per barrel before settling back into the mid-$90s.
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AAA Northeast’s Feb. 28 survey of fuel prices found the current national average to be 8 cents higher than last week ($3.53), averaging $3.61 a gallon. Today’s national average price is 26 cents higher a month ago ($3.35), and 90 cents higher than this day last year ($2.71).
“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 spokesperson Lloyd Albert 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.”