Arizona drivers may notice they are paying more at the gas pump. New sanctions on Russia have caused the price of oil to soar, bringing gas prices along for the ride.
In the last week, the cost of oil has climbed to nearly $80 a barrel. As a result, the average gas price in Arizona bumped up 6 cents from last week. On Friday, the average price for regular unleaded statewide was $3.12.
The U.S. State Department released a statement saying the sanctions are set to further constrain Russia's ability to wage its illegal war against Ukraine.
The result of the sanctions leaves the cost of gas "unpredictable,” AAA’s Julian Parades explained.
“A lot of it comes down to politics, which is unpredictable, especially we have the inauguration next week. So yeah, the cost of oil is like kind of unpredictable and it definitely is the biggest determinate for like the cost of gas,” Parades said.
According to AAA, oil costs account for 56% of the cost at the pump. The more expensive oil leads to more expensive gas.
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Oil supplies worldwide have been affected since the U.S. joined Israel in attacking Iran. As a result, gas prices across the country have increased over the past week, and Phoenix is no exception.
