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Gas prices jump another four cents in Buffalo, in part due to Russia-Ukraine tensions

AAA: prices up seven cents nationally
Gas
Posted at 8:47 AM, Feb 07, 2022
and last updated 2022-02-07 08:47:02-05

BUFFALO, N.Y. (WKBW) — The American Automobile Association says gas prices have jumped by four cents in the Buffalo area since the end of January.

According to AAA, prices at the pump are on the rise partially because of the growing tensions between Russia and Ukraine. The situation along the Ukrainian border is causing crude oil prices to skyrocket; currently, they're above $90 per barrel. Experts say any sanctions placed on Russia may cause them to withhold crude oil from the global market.

This is happening as domestic demand decreases, which typically drives prices down, meaning for now, gas prices will be high, topping $3.50 per gallon across New York State.

Right now, The average cost for a gallon of gas is $3.53 in the Buffalo area; it's $3.59 per gallon around the state of New York. Nationally, gas prices are averaging about $3.44 per gallon, a seven-cent jump over last week.

You can track the latest prices here.