This time last year, the average price for a gallon of gas in Pennsylvania was $2.90. As of this morning, the average price was $3.73 per gallon and there is good reason to believe that the price will continue to climb.
Last week, oil analyst Dan Dicker went on Yahoo Finance Live and claimed that most Americans could soon face gas prices upwards of $7 per gallon at the pump. The cause for the price increase is related to the ongoing political tensions between Russia and Ukraine.
If Russia continues to advance its military into Ukraine, the US could impose economic sanctions that would severely limit the available oil supply. Russia is currently the third-largest oil producer in the world. When the oil supply is limited, the cost per barrel surges, which causes American consumers to see price increases at the pump.
In Pennsylvania, gas prices have been consistently increasing. The average price per gallon has increased $.04 from last week and $.21 since this time last month. Indiana county currently has the lowest gas prices in the state at $3.69 per gallon, while Bradford county is sitting with the highest price at $3.80 per gallon.
However, even if political tensions between Russia and Ukraine cease, Pennsylvanians should not expect gas prices to return to 2021 levels automatically. Historically, gas prices tend to rise in the spring and peak during the summer months because more people are out on the roads driving.
Therefore, we should all get ready to face higher prices at the gas station for at least the next couple of months.