Gas prices across the US reached their highest levels in over a decade Monday as Russia’s invasion of Ukraine compounded problems beset by lingering supply chain issues.
The US national average for a gallon of gasoline soared 45 cents a gallon in the past week and topped $4.06 on Monday, according to auto club AAA.
Here are a few resources for finding cheap gas in your neighborhood:
GasBuddy is a Boston-based tech company that offers an app that helps users find the cheapest service station in their area. Users can search for gas stations by entering their city and zip code or even preferred fuel type and payment system.
Similar to GasBuddy, the Gas Guru app will list “best” and “good” gas prices in your area, indicating each as green and yellow, respectively.
Many gas stations on Google Maps show their prices for fill-ups using unleaded, or “regular” gas. This can be found by merely typing in “gas station” on Google Maps and nearby service stations will pop up with their prices.
Other ways to save money
In other cases, a few simple tricks can help you save money at the pump:
- Keep tires inflated
- Avoid having heavy items in your car
- Reduce unnecessary trips
Energy prices are contributing to the worst inflation that Americans have seen in 40 years, far outpacing higher wages. Consumer prices jumped 7.5% in January, compared with a year earlier, and analysts predict a 7.9% increase when the government reports February figures later this week.
EXXON MOBIL CEO SAYS OIL COMPANIES WERE IN TOUGH POSITION BEFORE UKRAINE-RUSSIA WAR
Oil prices soared early Monday before retreating. Benchmark US crude surged to $130 a barrel overnight, then moderated to around $119, a 3% gain, in afternoon trading. The international price skyrocketed to $139 before falling back to about $123 a barrel.
The US imported 245 million barrels of oil from Russia last year — about 8% of all US oil imports — up from 198 million barrels in 2020. That’s less than the US gets from Canada or Mexico but more than it imported last year from Saudi Arabia .
The increasingly violent Russian attack on Ukraine has increased calls to cut off Russia from the money it gets from oil and natural gas exports. Europe is heavily dependent on Russian gas.
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President Joe Biden has been reluctant to ban Russian oil, fearing it could further fuel inflation heading into the midterm elections this November.
The Associated Press contributed to this report.