The cost of filling up your car is soaring across much of the U.S. as the Ukraine crisis further drives up oil prices.
The average cost per gallon among the lowest 10% of stations around the U.S. is $3.14 per gallon, a 10-cent increase from last week, according to GasBuddy.Oil prices surged another $7 per barrel on Wednesday after an agreement by the U.S. and other major governments from their national reserves — half of them U.S. barrels — failed to quell supply concerns over Russia's attack on Ukraine.
The decision made by the 31 member nations of the International Energy Agency was intended"to send a strong message to oil markets" that there will be"no shortfall in supplies" as a result of the invasion of Ukraine, but failed to move markets. "Markets dismissed the notion that 60 million barrels of strategic reserves released will be consequential to the risks of Russian supply jeopardized," Tan Boon Heng of Mizuho Bank said in a report."Russia pumps more than that in just six days."
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