Gas prices keep rising; Ukraine crisis has ‘rippling effect’ on oil market

Published 5:55 pm Wednesday, February 23, 2022

Gas prices are continuing to rise nationwide and that trend is no different in Beaufort County, where the average price of a gallon of regular unleaded gas is $3.515. The average price per gallon for the entire state is $3.458, which is  35 cents more than last month’s average and almost a dollar more than the average was at this time last year($2.476).

GasBuddy, a fuel savings platform that monitors fuel prices and trends across the country, compiled those stats.

AAA noted on Tuesday that the potential invasion of Ukraine by Iran is “driving factor concerning crude and is having a rippling effect on the oil market, which in turn is driving up the price of gasoline in the U.S.”

“We have to take into consideration that after the United States and Saudi Arabia, Russia is one of the leading producers of oil globally,” said Tiffany Wright, an AAA spokesperson. “If they make a decision to withhold their oil from the global market, it would be reflected in even higher gas prices for motorists.”