In Alaska, the average for a gallon of regular gas was $4.73 Monday, according to AAA. That’s up a dollar a gallon from just a month ago.
The full service Capital Service gas station in downtown on Tuesday, Jan. 11, 2022, in Juneau, Alaska.
The recent spike is due to the Russian invasion of Ukraine, said Larry Persily, a former federal coordinator of the Alaska Natural Gas Transportation Projects, who has long tracked oil and gas markets. . A day later, he said, the markets reconsidered, and it dropped to $110 — still high compared to this time last year, when a barrel was less than $70.Persily said consumers will feel the impact of higher oil prices at the gas pump, and elsewhere.
Persily said there are a few things that could help temper the surge in oil prices — supply could go up, like if the U.S. or other countries release more crude oil from their strategic reserves. Or demand could come down because prices get so high, consumers aren’t willing to pay for it anymore.
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