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The price of gas per gallon is increasing around the country in varying amounts, according to a new report by the U.S. Energy Information Administration (EIA).
The new Gasoline and Diesel Fuel Update shows significant increases in the price of gas across the country, with the New England region experiencing the biggest increase. As of March 7, the average price per gallon of gas in New England was $4.187, which was 59 cents higher than last week's price of $3.597 and $1.493 higher than the previous year.
Some states across the country are experiencing higher gas prices than ever before. Connecticut set a record for the highest gas prices in the state, topping a previous record set in 2008, with the average price of gas hitting $4.41 per gallon on Wednesday. This price currently surpasses the national average recorded by the American Automobile Association (AAA), which is $4.252 per gallon.
While gasoline prices around the country are increasing, they are not all increasing at the same rate. For example, the Midwest region is experiencing the weakest increase in prices; the average price per gallon is currently $3.916, an increase of 45 cents from last week and a $1.20 increase from 2021, according to the EIA.
California's average gas price stands at $5.57, while Hawaii's is currently $4.47 per gallon. Other states rounding out the list of the highest gas prices in the nation include Washington, New York, Illinois, Nevada, Alaska and Oregon, according to data from AAA.
"Retail gasoline prices are mainly affected by crude oil prices and the level of gasoline supply relative to gasoline demand," says the U.S. EIA website. "Strong and increasing demand for gasoline and other petroleum products in the United States and the rest of the world can place intense pressure on available supplies."
The Russian invasion of Ukraine is considered to be the primary reason why gas prices are increasing in the United States. President Joe Biden recently announced the ban of imported Russian oil into the country. Despite Russian oil only making up 8 percent of U.S. oil imports, the effect of the ban on the market is already being felt. However, many lawmakers are saying that such a ban is for the greater good.
"If you think about the sacrifices being made by the people of Ukraine, if you think about our stake in stopping a tyrant who is trying to expand, that is a price that is very much worth paying," said former Treasury Secretary Lawrence Summers when asked about the possibility of $5 gas by CNN.
Update at 3/9/22, 1:24 p.m. ET: This story has been updated to include additional information.
