Central Minnesota gas prices lower than most; experts see $4 soon
ST. CLOUD — Already rising gas prices are expected to climb higher after Russia invaded the Ukraine.
After Russian President Vladimir Putin sent troops to regions in the eastern Ukraine earlier this week, President Joe Biden announced sanctions against Russia for a "flagrant violation of international law."
As of Thursday, the national average gas price in the U.S. is $3.54 a gallon, according to AAA, up from $2.65 just a year ago. And experts project gas prices could top $4.
Meanwhile, on Thursday, Brent crude oil briefly jumped above $100 a barrel in London for the first time since 2014.
More:Biden details new Russian sanctions, says 'aggression cannot go unanswered': live updates
In Minnesota, the average price of gas Thursday was about 12 cents less than the national average at $3.418, the fourth lowest in the nation according to AAA. Stearns and Benton counties had among the lowest prices in Minnesota on Thursday with the average Stearns price at $3.34 and $3.33 per gallon in Benton County.
A year ago, the average Minnesota gas price was $2.60 per gallon.
Experts say the Russian invasion of Ukraine could disrupt oil supplies in the region and lead to a further spike in gas prices.
Here's everything we know about the rise in gas prices.
Why are gas prices going up?
Experts fear the conflict between Russia and Ukraine could disrupt oil supplies in the region, which would lead to a bump in gas prices. Russia is the second-largest oil producer in the world, behind the U.S., said Tom Kloza, chief global analyst for the Oil Price Information Service.
Biden has said he is working to blunt any rise in gas prices caused by the invasion. "My administration is using every tool at our disposal to protect American businesses and consumers from rising prices at the pump," he said.
How much oil does the U.S. import from Russia?
According to the U.S. Energy Information Administration, as of 2020, Russia contributed about 7% of gross petroleum imports to the U.S. Kloza said the U.S. gets about 3% of its oil from Russia.
Other countries from which where the U.S. imports oil from include Canada and OPEC, which is comprised of several countries, including Saudi Arabia and Venezuela.
How much higher will gas prices rise?
Experts project much of the U.S. could see gas prices go up as high as $4 by early spring, and markets like California and Hawaii — where gas is already expensive — could top $5.
When will gas prices drop?
Kloza projects prices will climb to $4 a gallon during the second quarter of this year before dropping to $3.30 a gallon in the second half of the year.
Contributing: Paul Davidson, Michelle Shen, Michael Collins, Mabinty Quarshie, Josh Meyer, Lisa Schwarz and The Associated Press contributed to this report. Follow Brett Molina on Twitter: @brettmolina23.