Faster than you can say “Vladimir Putin,” gas prices are soaring in Oklahoma as state drivers on Friday saw a 9-cent jump in one day to an average of $3.45 as the world watches in horror to what the Russian leader is doing to Ukraine.
The growing bloody fighting in the Texas-sized country, where the world has unified in its support of Ukrainians, has resulted in a 22-cent increase in one week in Oklahoma’s average according to the American Automobile Association.
Triple A said Oklahoma prices also climbed 34 cents over the past month and the $3.45 average compared to $2.54 paid one year ago.
Oklahoma City’s average was also $3.45, up 9 cents in one day and 24 cents higher than a week earlier. Drivers in Tulsa paid an average $3.50 per gallon on Friday, a 14 cent spike in one day and 19 cents more than a week earlier.
In Lawton, the average of $3.30 was 12 cents higher in one day and 31 cents more than a week ago.
The state’s highest average is $3.74 in Ellis County in the northwest while Coal County in the Southeast has a $3.70 average. Other high averages are $3.67 in Greer County, $3.61 in Woods, $3.60 in Hughes and $3.57 in Jefferson County.
AAA expects prices to continue to rise as crude prices also increase. Crude prices in the U.S. traded at nearly $112 Friday morning.
The impact on gasoline prices was obvious and what motorists paid at the pump was not affected by a release earlier in the week of 60 million barrels of crude oil from the U.S. and 30 other members of the International Energy Agency, something President Biden touted in his Tuesday night State of the Union address.
Biden remains under growing pressure, including from Oklahoma members of Congress to implement an immediate ban of Russian sales of crude oil to the U.S. According to IEA, Russia exports approximately 5 million b/d of crude oil, representing about 12 percent of global trade. The market will likely continue to increase the price of oil as more sanctions are imposed on Russia.
A potential ban of crude imports from Russia to the U.S. or other countries will likely cause prices to continue to rise to reflect more risk of disruption to tight global oil supplies.
Since last Thursday, these 10 states have seen the largest increases in their averages: Michigan (+39 cents), Indiana (+36 cents), Illinois (+31 cents), Ohio (+30 cents), Tennessee (+26 cents), Kentucky (+24 cents), South Carolina (+20 cents), Georgia (+21 cents), Delaware (+19 cents) and Alabama (+18 cents).