Russian invasion sends gasoline prices to near $4 a gallon

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Russian invasion sends gasoline prices to near $4 a gallon

Thu, 03/03/2022 - 12:11pm -- tim

Vermont Business Magazine Gasoline prices in Vermont are up 13 cents since last week and 30 cents more than last month, according to GasBuddy, as the Russian invasion of Ukraine continues to spike international oil prices. In Vermont, the average price of gasoline is $3.74 a gallon. The highest price is $3.99/g at several locations across the state. The lowest price is $3.29 in Rutland.

“The Russian invasion of Ukraine has sparked high level concern that oil production could eventually be stifled, or even sanctioned, from the world's second largest oil producer, leading to less supply as demand grows. That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future," said Patrick De Haan, head of petroleum analysis at GasBuddy. "In addition to the unstable situation with the Russian invasion, we're also entering the time of year that seasonality pushes gasoline prices up by anywhere from 25 to 75 cents by Memorial Day. It's simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon."

 

Vermont USA Trend
Today 3.742 3.719 Prices Rising
Yesterday 3.721 3.697
One Week Ago 3.618 3.573
One Month Ago 3.441 3.449
One Year Ago 2.654 2.742
* Average Regular Gas Prices - Updated: 11:35 AM

Meanwhile, as of Monday, average gasoline prices in Burlington have risen 3.0 cents per gallon in the last week, averaging $3.68/g today, according to GasBuddy's survey of 100 stations in Burlington. Prices in Burlington are 22.2 cents per gallon higher than a month ago and stand $1.01/g higher than a year ago.

According to GasBuddy price reports, the cheapest station in Burlington was priced at $3.59/g yesterday while the most expensive was $3.69/g ($3.99 as of Thursday). 

The national average price of gasoline has risen 14 cents per gallon in the last week, averaging $3.71/g today. The national average is up 27 cents per gallon from a month ago and stands 97 cents per gallon higher than a year ago, according to GasBuddy data compiled from more than 11 million weekly price reports covering over 150,000 gas stations across the country.

Historical gasoline prices in Burlington and the national average going back ten years (Feb 28, 2022):
February 28, 2021: $2.67/g (U.S. Average: $2.72/g)
February 28, 2020: $2.60/g (U.S. Average: $2.44/g)
February 28, 2019: $2.45/g (U.S. Average: $2.43/g)
February 28, 2018: $2.61/g (U.S. Average: $2.54/g)
February 28, 2017: $2.31/g (U.S. Average: $2.30/g)
February 28, 2016: $1.89/g (U.S. Average: $1.74/g)
February 28, 2015: $2.44/g (U.S. Average: $2.40/g)
February 28, 2014: $3.60/g (U.S. Average: $3.45/g)
February 28, 2013: $3.87/g (U.S. Average: $3.78/g)
February 28, 2012: $3.78/g (U.S. Average: $3.72/g)

Neighboring areas and their gas prices (Feb 28, 2022):
Albany- $3.81/g, up 5.7 cents per gallon from last week's $3.75/g.
New Hampshire- $3.54/g, up 7.6 cents per gallon from last week's $3.46/g.

GasBuddy is the authoritative voice for gas prices and the only source for station-level data spanning nearly two decades. Unlike AAA's once daily survey and the Lundberg Survey, updated once every two weeks based on a small fraction of U.S. gasoline stations, GasBuddy's survey updates 288 times every day from the most diverse list of sources covering nearly 150,000 stations nationwide, the most comprehensive and up-to-date in the country. GasBuddy data is accessible at http://prices.GasBuddy.com.

SOURCE GasBuddy 3.3.2022. 2.28.2022