Gas prices rise in Rockford, across the nation after Russian invasion of Ukraine

From news release
Rock River Current
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ROCKFORD — The average price of a gallon of gasoline rose more than 14 cents in the city last week as fuel prices across the nation spiked over Russia’s invasion of Ukraine.

The average price of a gallon of gas is $3.77 today, according to GasBuddy’s survey of 139 stations in Rockford. That’s 35 cents higher than a month ago and nearly 90 cents higher than a year ago.

“The Russian invasion of Ukraine has sparked high-level concern that oil production could eventually be stifled, or even sanctioned, from the world’s second largest oil producer, leading to less supply as demand grows,” Patrick De Haan, head of petroleum analysis for GasBuddy, said in a news release. “That possibility has pushed up the national average price of gasoline considerably in the last week, and the situation could worsen at any time, keeping gas prices elevated for the foreseeable future.”

Related: Prayer vigil tonight in Rockford for Ukraine

The national average price of gasoline has risen 7.5 cents per gallon in the past week, averaging $3.59 per gallon today, according to GasBuddy. The national average is up 23 cents per gallon from a month ago and nearly 88 cents per gallon higher than a year ago.

“In addition to the unstable situation with the Russian invasion, we’re also entering the time of year that seasonality pushes gasoline prices up by anywhere from 25 to 75 cents by Memorial Day,” De Haan said. “It’s simply looking like a perfect storm for motorists at the pump, with little to no relief anytime soon.”

Related: Analyst predicts $4 per gallon gasoline by spring