money Columbia gas prices likely to continue to rise after Russian invasion of Ukraine
Following Russia's invasion of Ukraine last Thursday morning, the average price of gasoline in Columbia has risen to $3.42 per gallon.
The difference is an increase of 94 cents per gallon from the recorded average a year ago and 27 cents higher than last week's average.
Columbia's gas prices are about $3.32 per gallon, which is 10 cents higher than the state's average.
However, local prices are about 20 cents cheaper than the national average of $3.61 per gallon, according to data from the American Automobile Association.
Last year, Missouri's average gas price was $2.45 per gallon or about 87 cents cheaper.
Based on consumer reports through the GasBuddy app, nearly all participating Columbia gas stations have regular fuel prices listed at about $3.44 per gallon Monday morning.
Historically, the highest recorded average price in Columbia is $4 per gallon set on July 15, 2008.
Experts are predicting the same $4 per gallon price could be reached in much of the country by early spring. However, it is possible that prices could go back down to approximately $3.30 by the middle of the year, USA TODAY reports.
Why Russia's invasion is affecting gas prices
Thursday, oil prices reached over $100 per barrel, the highest price since 2014, before dipping back down Friday to just over $90 per barrel.
The invasion is likely to affect energy markets as Russia is one of the largest producers of oil and natural gas in the world.
In 2020, Russia produced about 10.5 million barrels of liquid fuels per day with each barrel containing about 19 to 20 gallons of motor gasoline, according to the Energy Information Administration.
Ukraine is considered a main transit location for oil and gas, meaning invasion or sanctions may impact access to the oil supply for the United States and its allies, which can mean higher prices at the pump.
In an address to the nation Thursday afternoon, President Joe Biden assured Americans that they should not worry about an increase in gas prices.
"In our sanctions package, we specifically designed to allow energy payments to continue," he said. "We're closely monitoring energy supplies for any disruption and the United States will release additional barrels of oil as conditions warrant."
In the AAA release, the company provided tips to help drivers save money on fuel:
Slow down and drive the speed limit. Higher speeds result in more aerodynamic drag.
Avoid "jackrabbit" starts and hard accelerations.
Use cruise control on the highway.
Minimize the use of air conditioning.
Avoid extended idling to warm up the engine, even in colder temperatures.
Make sure your tires are properly maintained and inflated to the proper level.
When approaching a red light or stop sign, take your foot off the gas early to allow your car to coast down to a slower speed until it is time to bra.
This article originally appeared on Columbia Daily Tribune: Columbia, Missouri gas prices could rise from Russia-Ukraine conflict
