The price of crude oil increased 5 percent to $94.66 before closing at $93.10 on Friday, according to U.S. West Texas Intermediate crude features.
The price of gas has been steadily increasing in the U.S. over the past few weeks. Currently, the national average price of regular gas is $3.480, according to the American Automobile Association . That's up from a month ago , a week ago and even Thursday . A year ago, the average price of gas was $2.491.he highest average price of regular gas is in California at $4.684, while the lowest is in Oklahoma at $3.142.
The U.S. Energy Information Administration said its current stock level of crude oil is about 13 percent lower than at the beginning of February. If Russia, a member of Organization of the Petroleum Exporting Countries , were to be sanctioned, it could cause the country to withhold crude oil from the global market, impacting the stock levels.could put 30 percent of western Europe's gas demand at risk, Rystad Energy warned on Friday.
"If Russia withheld everything that they produced from the global market, we could easily see oil prices reach $150 or $200 a barrel," Patrick De Haan, head of petroleum analysis at GasBuddy, a Boston-based technology company that tracks the price of gasoline, toldRegardless, it is likely that crude oil prices will surpass $100 per barrel, De Haan said.