CLOSE
US Oil Price Below Zero

Source: NurPhoto / Getty

If you had to fill up your vehicle with gas over the weekend, you probably noticed this right away.

Prices at the pump have jumped 11% over the past week, the highest since July 2008, as global sanctions have hit Russia’s ability to export crude oil after its invasion of Ukraine.

Russia is the world’s second top producer of crude oil after Saudi Arabia, and supplies about a third of Europe’s needs.

AAA said the average for a gallon of gas in the U.S. topped $4.00 on Sunday, up from $3.60 a week ago — and up 45% from $2.76 a year ago.

The most expensive gas in the country is in California at $5.28 a gallon, followed by Hawaii ($4.69), Nevada ($4.52), and Oregon ($4.46), according to AAA.

The market turmoil is fuelling concerns that the price of many everyday items from food to petrol and heating, already rising at their fastest rate for 30 years, could be pushed higher.

How much worse do you think it will get?

 

LIKE US ON FACEBOOK. FOLLOW US ON INSTAGRAM AND TWITTER.

HEAD BACK TO THE MIX1079.COM HOMEPAGE

Get Breaking News & Exclusive Contest in Your Inbox: