The surge in gasoline prices across America is being partially spurred by high demand, global oil instability, and worries over domestic production after President Biden announced a ban on Russian energy imports as punishment for invading Ukraine. Nationally, a gallon of gas costs about $4.25 as of March 9, according to the AAA, the highest since 2014. Topping the states is California with an average cost of $5.57 per gallon, driven higher state taxes on gasoline. On the lower end of the scale are Kansas and Oklahoma, both with an average of $3.79. Average cost of gasoline in Alabama and Louisiana - $4.04; Mississippi - $3.92. (Source: The AP 03/09/22) How much does gas cost in my state? | wwltv.com
As prices climb, AAA offered fuel-saving tips for motorists. New Orleans residents urged to use these tips to save on gas (wdsu.com)
UAE MAY ASK OPEC TO OPEN UP OIL PRODUCTION SPIGOT
UAE's ambassador to Washington, Yousef Al Otaiba, told CNN on March 9 that the country wants to increase oil production and is willing to encourage the Organization of the Petroleum Exporting Countries (OPEC) to ramp up supply. Otaiba's comments sent oil prices dropping 12% to $108 a barrel. Brent crude, the global benchmark, fell 13% to $112 a barrel. If the UAE convinces OPEC to ramp up production, it would mark a turnaround for the cartel, which only last week, agreed to stick with a plan of gradually adding to the market, defying pressure from developed economies to do more to ease prices. (Source: CNN 03/09/22) Oil prices tumble after UAE says it wants OPEC to increase production (msn.com)
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