Gas prices spike to over $4.15 a gallon on average in Massachusetts as state sees one of the biggest increases in U.S.

WASHINGTON, D.C. —As the conflict between Russia and Ukraine continues, crude prices soar, leading to higher pump prices in Massachusetts and across the country.

According to AAA, the U.S. The national average for a gallon of gas is $4.06, 45 cents more than a week ago, 62 cents more than a month ago and $1.30 more than a year ago. The national average has not been this high since July 2008.

Massachusetts gas prices average $4.16 a gallon, a 54-cent increase from last week. Rhode Island saw the biggest weekly increase in the country at 58 cents.

AAA stated that last week, “the International Energy Agency announced a coordinated release of crude oil from its 31 member countries’ strategic reserves, including the U.S., Germany, Canada, South Korea, and Mexico, to help counter the impact of rising crude prices. On Friday, IEA said member states committed to releasing a total of 61.7 million bbl from their strategic reserves to reassure markets roiled by the fallout from Russia’s invasion of Ukraine. This amount—half of which is expected to come from the U.S.—is the largest coordinated release since IEA was founded in 1974. Despite this announcement, the impact on pricing has been limited given that the amount of oil planned for release is small in comparison to the amount that flows daily from Russia to other countries around the globe. According to IEA, Russia exports approximately 5 million b/d of crude oil, representing about 12% of its global trade.”

According to the Energy Information Administration, total domestic gasoline stocks decreased by 500,000 bbl to 246 million bbl last week. Meanwhile, gasoline demand rose slightly from 8.66 million b/d to 8.74 million b/d.

The nation’s top 10 largest weekly increases: Rhode Island (+58 cents), Nevada (+57 cents), Connecticut (+56 cents), Kentucky (+56 cents), Alabama (+56 cents), West Virginia (+55 cents), Virginia (+55 cents), Massachusetts (+54 cents), New Hampshire (+52 cents) and New Jersey (+52 cents).

The nation’s top 10 most expensive markets: California ($5.34), Hawaii ($4.69), Nevada ($4.59), Oregon ($4.51), Washington ($4.44), Alaska ($4.39), Illinois ($4.30), Connecticut ($4.28), New York ($4.26) and Pennsylvania ($4.23).