Most States Could See Gas Costs Rise 5 to 10 Cents in Coming Weeks: Experts

Americans are beginning to see gas prices rise in the wake of Russia's invasion of Ukraine, and industry experts say most states can expect prices to rise by 5 to 10 cents per gallon in the next couple of weeks.

Russia is one of the world's top energy producers, and its military conflict with Ukraine has raised concerns about the impacts that a potential disruption to oil supplies could have on gas prices. President Joe Biden acknowledged these concerns on Thursday and said he "will do everything in my power to limit the pain the American people are feeling at the gas pump."

Patrick De Haan, the head of petroleum analysis at GasBuddy, told reporters on Thursday that it is "definitely a possibility" the national average cost of a gallon of gas in the U.S. could reach $4 by April or May. As of Friday morning, the national average price of gas was $3.572, according to American Automobile Association (AAA) data. Gas prices have already been on the rise in the U.S. in recent months, with the national average recorded on Friday nearly 90 cents higher than this time last year.

The current national record average for the cost of a gallon of regular unleaded gas in the U.S. is $4.114, a price set in July 2008. De Haan said it is "possible" the U.S. could set a new record average in May or June.

At the state level, De Haan noted California has the potential to see statewide average gas prices rise to $5 per gallon in the "next few weeks." The state has repeatedly recorded new statewide records over the last several weeks, with another set on Friday at $4.793 per gallon. In some counties, average gas prices were as high as $5.74 per gallon, though De Haan said it was unlikely for the statewide average to jump to $6 per gallon "unless the situation in Russia worsens dramatically."

De Haan added that no other state is expected to see gas prices go up that high. Prices at the pump began rising faster in Michigan and other Great Lakes states due to the start of this year's shift toward summer gas and price cycling, a factor he said also impacts gas consumers in Florida. The rest of the country is likely to experience "smaller, more incremental increases over the next one to two weeks."

While oil prices increased significantly Thursday morning, they dropped off throughout the day, leaving behind an increase that De Haan said was "not as severe as the day started."

"Most states will see prices go up by anywhere from 5 to 10 cents a gallon over the next one to two weeks," he said, adding that those changes "may be more significant should the situation continue to escalate in the days ahead."

Earlier this week, AAA spokesperson Andrew Gross told Newsweek that while prices were likely to rise in response to military conflicts overseas, those increases would not last.

"There is no shortage of oil in the world," he said. "It's just a matter of increasing the supply right now, getting it back into production."