VA, DC Gas Prices Expected To Climb After Ukraine Invasion

WASHINGTON , DC — Oil prices in the United States rose to more $100 a barrel on Thursday after Russia launched an invasion of Ukraine, and experts predict that higher fuel bills are on the way this week.

The increased demand for gasoline accompanied by the attacks on Ukraine is behind the rise of gas prices in Virginia and the District of Columbia, according to the American Automobile Association.

The average price of regular gas in the U.S. is $3.60 a gallon — 89 cents more than a year ago, and an increase of 28 cents from a month ago, AAA said.

In northern Virginia, the average price of regular gas was about $3.60 per gallon on Sunday, up 5 cents from a week ago, an increase of 27 cents in the past month, and an 83-cent jump from one year ago, AAA said.

In DC, gas prices averaged $3.77 a gallon for regular gas.

Russia is a major producer and exporter of crude oil and natural gas. According to an NPR report, investors are concerned that the conflict will disrupt some exports on the ground, while sanctions will hinder others.

The U.S. has not yet sanctioned Russia's gas exports, but has acknowledged that other sanctions against Russia will affect global prices.

Here are current gas prices across northern Virginia, according to AAA Mid-Atlantic.

• Arlington: $3.61
• Alexandria: $3.58
• Fairfax: $3.62
• Fairfax City: $3.63
• Prince William County: $3.48
• Manassas City: $3.48
• Loudoun County: $3.52

As the conflict intensifies, AAA said the energy market actually suffered its first week of losses last week. This snapped an eight-week streak of oil price gains.

After reaching a new 2022 high of $95.46 per barrel on Feb. 21, the price for U.S. crude declined 5 percent by the end of the week. That resulted in a 2 percent week-over-week decline of $2 per barrel — the equivalent of a five-cent drop at the pump.

"It's hard to get too excited about the recent oil price drop, because prices could easily rebound if Russia invades Ukraine," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "If an invasion occurs and oil prices spike, that will most certainly drag gas prices higher too. To what degree, it's still unclear."

DC region drivers shouldn't expect prices to drop right away. According to AAA, as the conflict persists with more sanctions and retaliatory actions, the oil markets will likely respond by continuing to increase the price of crude oil to reflect more risk of disruption to tight global oil supplies.