Ukraine Invasion Could Drive Colorado Gas Prices Up Further

COLORADO — With oil prices surging amid Russia's invasion of Ukraine, gas prices in Colorado and around the country could soon break records, the American Automobile Association said on Thursday.

The price of crude oil settled at $92.81 per barrel after the price surged above $100, following Russia's attack on Ukraine on Thursday, the association said. Sanctions will likely cause oil markets to respond by increasing the price of crude oil as the world's supply tightens.

The average price for a gallon of gas in Colorado on Friday was $3.36, and the average price a month ago was $3.29, association data showed. Some experts say gas prices in our state could reach as high as $4 in the coming weeks. In July 2008, gas prices hit a record national average of $4.11 per gallon.

Russia started its military invasion of Ukraine on Thursday, and the U.S.'s response to it will likely drive Russia to withhold its oil supply from the world market. President Joe Biden promised sanctions against the country, but said his administration would "every tool at our disposal" to keep rising prices at the pump steady for Americans.

Oil supplies are already cut back after demand from nations trying to move on from pandemic-related economic struggles, the association said.

"Russia is one of the leading oil producers globally, behind only the United States and Saudi Arabia," AAA spokesperson Andrew Gross said. "And if they choose to withhold their oil from the global market, such a move would eventually be reflected in higher gas prices for American drivers."

The average price of gas in Denver's metro area on Friday was $3.28 — the same price as the Boulder County average, AAA data shows. A year ago, those prices were $2.51 and $2.53, respectively.