As Russia’s invasion of Ukraine continues to affect gas prices around the world, the average price of gasoline in the Philadelphia region has risen dramatically. AAA data on the budget hit was reported by Rob Tornoe for The Philadelphia Inquirer.
The current price for a gallon of gas now ($4.30) is in stark contrast to where it was a year ago ($2.95). It is also the highest average price of gasoline in the region on record, going above the previously recorded high of $4.16 per gallon in June 2008.
Even the 1973 gasoline-rationing oil crisis didn’t represent as stiff a hit to local drivers. Gas rose from 38.5 cents to 55.1 cents a gallon at the height of that economic upheaval. The latter figure translates to $3.48 today.
Current gas prices have been climbing steadily. The Philadelphia average was $3.67 a gallon a month ago and $3.79 a week ago.
These price increases are the direct result of Russia’s unprovoked attack on Ukraine. The invasion precipitated a significant surge in the price of oil, a trend that predates the Feb. 24 attack.
“The Russian invasion is throwing uncertainty and emotions into the market,” said Villanova University chemical engineering professor Scott Jackson. “The price of oil — and with it, the price of gasoline — has spiked much faster than anyone had anticipated.”
Read more about regional gas prices in The Philadelphia Inquirer.