CHARLESTON, W.Va. — Gas prices in West Virginia reached $3.89 on Monday per AAA, 55 cents more than prices one week ago.
Jim Garrity, Director of Public Affairs for AAA said on MetroNews ‘Talkline’ this is the part of the impact of the initial invasion of Ukraine by Russia.
Garrity said developments with that war have an impact on the global market of oil, resulting in gas prices.
“What is going to happen with Russia and Ukraine as Russia is the third-largest oil exporter in the entire world. Should that oil be cut off or restricted, that could have a major impact on the global market,” he said.
Garrity added all eyes are also on crude oil, which is in the midst of a 15-month climb. Prices of crude oil at the start of 2021 were $50 a barrel and this week near $120, Garrity said.
“If you see prices continue to rise through crude oil, you can expect to see gas prices continue to rise. Because crude oil has the main ingredient in gasoline. It’s 50 to 60 cents of every dollar you spend at the pump,” Garrity said.
Gas prices nationwide averaged $2.76 per gallon in March 2021, around $1.30 on average less ($4.06) than the current month. The national average for gas from Sunday to Monday rose 6-cents.
In Pennsylvania, where Garrity is located, gas prices are soaring to record highs.
$4.23 is the average price per gallon of gasoline in Pennsylvania on Monday, 50-cents more than last Monday.
Gas prices continue to rise across West Virginia. Prices have increased by seven-cents since yesterday. Jim Garrity, Director of Public Affairs for AAA, discusses these rising prices with @HoppyKercheval. WATCH: https://t.co/yCFQ3nDJuy pic.twitter.com/JuHFAZVsFn
— MetroNews (@WVMetroNews) March 7, 2022