JAMESTOWN – In less than 24-hours gas prices in Chautauqua County rose 14 cents, with the average price clocking-in at $4.28 on Tuesday morning. This as President Joe Biden is banning Russian oil imports likely continuing the increase.
The stats, according to AAA, are record breaking. The average price to fill-up across New York is $4.36 a gallon, breaking a record set back in 2008.
The main reason, officials say, is the Russia-Ukraine conflict as crude prices soar, leading to higher pump prices in the United States. President Joe Biden will ban Russian oil imports, toughening the toll on Russia’s economy; which will likely bring prices even higher.
Though Russian oil makes up only a small part of U.S. imports, Biden has said he was reluctant to ban it, cutting into supplies here and pushing gasoline prices higher.
The good news? Last week the International Energy Agency announced a coordinated release of crude oil from its 31 member countries’ strategic reserves, including the U.S. and Mexico, to help counter the impact of rising crude prices.
This amount— half of which is expected to come from the U.S.— is the largest coordinated release since the group was founded in 1974.
Despite this announcement, the impact on pricing has been limited given that the amount of oil planned for release is small in comparison to the amount that flows daily from Russia to other countries around the globe.