U.S. U.S. gasoline prices have risen 8 cents last week due to oil's continued rise on tensions between Russia & Ukraine.
According to GasBuddy's most recent data, the national average for a gallon gas price rose to $3.42 Monday. GasBuddy's latest data shows that the national average has risen 12.3 cents from a month ago, and is 97.5 cents higher per gallon than last year.
Since last month, the prices at the pump have risen each week. They reached a 7-year high last Wednesday, placing more pressure on motorists all across the country.
FOX Business spoke to Patrick De Haan, Head of Petroleum Analysis for GasBuddy. He said that last week's national average had the "largest weekly rise" since February 22. 2021: Prices rose 10.4 cents per gal in one week.
De Haan stated that the cost of living has risen due to continued fears about Russia invading Ukraine.
De Haan stated that tensions abroad are currently in control of the situation in a statement to FOX business. "Until there is some change in the circumstances, I would look for additional upward pressure oil to continue as it escalates."
De Haan stated that Iran talks could lead to more oil on the market in the future, but there is still a lot to be done. He said that if Iran and the world powers could reach an agreement, it would "certainly help ease oil pressure."
After closing at nearly $93 per bar last week, the West Texas Intermediate crude oil price was up to $91.63 per barrel on Monday morning.
De Haan wrote Monday in a blog that motorists should be prepared for even greater price increases. The larger jumps will occur later this spring due to a combination of seasonal factors as well as geopolitical tensions.
De Haan forecasted that the national average would reach "record territory" by the beginning of the summer driving season.