PORTLAND, Ore. — Russia's invasion of Ukraine is driving gas prices sky high. The national average for a gallon of regular has gone up 25 cents in the past week, to $3.84. In Oregon, the average price is $4.28 per gallon, one penny shy of the all-time record.
"Markets don't like the unknown. They don't like the uncertainty. And it is a war in Europe that could have so many implications," said AAA's Marie Dodds.
"So with Russia invading Ukraine, the West, including the U.S. and its allies, have imposed severe sanctions on Russia. The thought is Russia could retaliate by withholding its oil.”
Where’s the cost in a gallon of gas? More than half of it comes from the crude oil removed from the ground.
The top three oil producers in the world are the U.S., Saudi Arabia and Russia. Russia accounts for about 11% of the global supply
The threat alone of immediately cutting off Europe from its largest supplier is already having a global impact. Prices in Oregon have risen 35 cents in the past month. In Portland, a Shell station on North Fessenden had an extraordinary price of $6.49 a gallon for regular gasoline, but most of the metro area's prices are around $4.35.
Demand has not suffered yet in the U.S., and with the spring break and summer travel season right around the corner, AAA said drivers might find other ways to cut costs.
"They still wanna go on those vacations, but they'll look at cutting back in other areas. They might try to save money on lodging. They might do fewer activities or look for free activities. Instead of going to an expensive amusement park all day, they might do it one day and then look at some other lower-cost activities."
Some tips to conserve gas: combine trips and lighten the load in your car by removing unnecessary weight. Make sure tires are properly inflated and avoid aggressive, hard accelerations.
When you do fill up, AAA said checking websites or getting a smart phone app can help you find the cheapest gas in town. Prices vary, even within neighborhoods.
Chris McGinness is a meteorologist and transportation reporter for KGW. Got a story idea or a great photo you want to share? Email him at cmcginness@kgw.com or reach out on Facebook , Twitter and Instagram