Benzine Prices in the U.S. Soar to highest since 2008 over Russian conflict

U.S. benzine prices rose 11 percent in the past week to reach their highest since 2008 as global sanctions reduce Russia’s ability to export crude after its invasion of Ukraine, the AAA automobile club said Sunday.
The AAA said the median price of regular U.S. gasoline reached $4,009 per gallon on Sunday, up 11 percent from $3,604 a week ago and up 45 percent from $2,760 a year ago.
It’s the highest average of normal gasoline since July 2008, when U.S. crude futures soared to a record $147.27 a barrel.
The most expensive gasoline in the country is in California, at $5,288 a gallon, followed by Hawaii ($4,695), Nevada ($4,526) and Oregon ($4,466), according to the AAA.
Gasoline price provider GasBuddy said the average U.S. price soared nearly 41 cents per gallon, topping $4 for the first time in nearly 14 years, and standing just 10 cents below the all-time high of $4,103 per gallon.
According to GasBuddy, this weekly increase is the second largest in history, after the increase of 49 cents per gallon in the week of September 3, 2005, after the passage of Hurricane Katrina along the Gulf Coast of the United States.
Total gasoline stocks in the country declined by nearly 500,000 barrels, to 246 million barrels, during the week ended Feb. 25, while gasoline demand rose from 8.66 million barrels per day (bpd) to 8.74 million bpd, according to the latest weekly data from the Energy Information Administration (EIA).
“Increased demand, along with reduced total supply, is contributing to the price hike, but rising crude prices continue to play a major role in the price hike,” the AAA said in a statement, adding that “pump prices will likely continue to rise as crude prices rise.”
U.S. crude futures gained 26% last week to $115.68, their highest close since September 2008.

Original source in Spanish