Ukraine tensions drive gas prices to their highest level in years
CBSN
Fears of a possible Russian attack on Ukraine are adding to rising global oil prices, causing more pain at the pump for U.S. motorists.
Gasoline prices surged across the U.S. this week to their highest level in eight years amid rising concerns that a military conflict in Eastern Europe could drive up energy costs. The average price of a gallon of gas hit $3.49 on Wednesday, according to AAA, up four cents from the previous week and roughly a dollar from a year ago. It is the highest price since October 2014, according to the Energy Department.
California has the highest fuel costs among U.S. states, averaging $4.71 for a gallon of regular gas. Prices approached $4 in Oregon ($3.96), Washington ($3.96) and Nevada ($3.90), according to AAA. Gas was cheapest in southern states including Mississippi ($3.16), Oklahoma ($3.17) and Kansas ($3.18).
President Trump ordered the release of 172 million barrels of oil from the United States' Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
U.S. motorists are likely to face higher gas prices for several weeks even if crude oil remains stable, according to GasBuddy petroleum analyst Patrick De Haan. Edited by Aimee Picchi In:
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