NEW YORK, March 7 — US petrol prices jumped 11 per cent over the past week to the highest since 2008 as global sanctions cripple Russia’s ability to export crude oil after its invasion of Ukraine, automobile club AAA said yesterday.
AAA said average US regular grade petrol prices hit US$4.009 (RM20.47) per gallon yesteday, up 11 per cent from US$3.604 a week ago and up 45 per cent from US$2.760 a year ago.
AAA said that was the highest average for regular grade petrol since July of 2008, when US crude CLc1 futures soared to a record US$147.27 a barrel.
The most expensive petrol in the country is in California at US$5.288 a gallon, followed by Hawaii (US$4.695), Nevada (US$4.526) and Oregon (US$4.466), according to AAA.
Petrol price provider GasBuddy said the average price of US petrol spiked nearly 41 cents per gallon, topping US$4 for the first time in almost 14 years, and stands just 10 cents below the all-time record of US$4.103 per gallon.
GasBuddy said that weekly increase was the second largest ever, following a jump of 49 cents per gallon during the week of September 3, 2005, after Hurricane Katrina tore through the US Gulf Coast.
Total domestic petrol stocks decreased by almost 500,000 barrels to 246 million barrels during the week ended February 25, while petrol demand increased from 8.66 million barrels per day (bpd) to 8.74 million bpd, according to the latest weekly data from the US Energy Information Administration (EIA).
“An increase in gas demand, alongside a reduction in total supply, is contributing to price increases, but increasing oil prices continue to play a leading role in pushing prices higher,” AAA said in a release, adding that, “pump prices will likely continue to rise as crude prices continue to climb.”
US crude futures gained 26 per cent last week to settle at US$115.68, their highest close since September 2008. — Reuters