Total domestic gasoline stocks fell by about 500,000 barrels to 246 million barrels during the week ending on February 3.
(Reuters) – US gasoline prices jumped 11 percent last week to their highest level since 2008, the AAA Automobile Club said on Sunday, as global sanctions hampered Russia’s ability to export oil after the Ukraine invasion.
The American Automobile Association said average US regular gasoline prices were $4,009 a gallon on Sunday, up 11% from $3,604 a week ago and up 45% from $2,760 a year ago.
This is the highest average for regular gasoline since July 2008, when US crude futures rose to a record $147.27 a barrel, the association said.
The most expensive gas in the country is California at $5,288 a gallon, followed by Hawaii ($4,695), Nevada ($4,526) and Oregon ($4,466), according to the American Automobile Federation.
Gas-price supplier GasBuddy said the average US gasoline price rose about 41 cents a gallon to $4 for the first time in nearly 14 years and is just 10 cents below an all-time high of $4,103 a gallon.
GasBuddy said the weekly increase was the second largest on record, after a jump of 49 cents a gallon during the week of September 3, 2005, after Hurricane Katrina made landfall in the US Gulf Coast.
Total domestic gasoline stocks fell by about 500,000 barrels to 246 million barrels during the week ending February 25, while gasoline demand rose from 8.66 million barrels per day to 8.74 million barrels per day, according to the latest weekly data from the US Energy Information Administration. (EIA).
“Increased demand for gas, along with a decrease in overall supply, contributes to higher prices, but high oil prices still play an important role in pushing prices higher,” the association said in a statement, adding that “pumping prices are high.” It will likely continue to rise as oil prices continue to rise.”
US crude futures rose 26% last week to close at $115.68, their highest close since September 2008.
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