As Russian attacks on Ukraine continue, gas prices in not only Mississippi but across the country continue to rise.
As of Thursday morning, the average per gallon price for regular gasoline in Mississippi was $3.37, which is seven cents higher than Wednesday. One week ago, that number was at $3.20. The current national average is $3.73.
During his State of the Union Address on Tuesday, President Joe Biden announced that the U.S. has worked with 30 other countries to release 60 million barrels of oil from reserves to “help blunt gas prices here at home” amid Russian sanctions.
“And we stand ready to do more if necessary, united with our allies.” Biden said. “I know news about what’s happening can seem alarming to all Americans, but I want you to know, we’re going to be okay.”
According to AAA, as the conflict escalates, the oil markets will likely respond by continuing to increase the price of crude oil to reflect more risk of disruption to tight global oil supplies.
Patrick De Haan, head of petroleum analysis at GasBuddy, tweeted on Monday that average price of gas in some U.S. cities will reach $5 per gallon in the coming weeks.
We’re getting closer to seeing our first ever major city gas price average reach $5/gal:
San Francisco $4.92
Los Angeles $4.88
Oakland $4.86
San Jose $4.85
San Diego $4.84
It will happen in the next couple weeks.— Patrick De Haan
(@GasBuddyGuy) March 1, 2022
Many of the world’s biggest oil markets—including ExxonMobil, BP, and Shell—have announced that they are quitting Russia or halting new investments in projects to explore and develop fields.
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