Mar 8, 2022 - News

Gas prices reach record high in Philadelphia

Average gas prices in Philadelphia
Data: AAA; Chart: Baidi Wang/Axios

The pain at the pump is real.

Driving the news: The average cost of regular gas in Philadelphia reached a record high of $4.30 per gallon on Monday, according to AAA.

  • That's higher than the state average of $4.23, and well up from the city's $3.67 average last month.

The big picture: Russia's invasion of Ukraine is driving up crude oil prices and fueling uncertainty in the market, according to AAA.

  • The invasion pushed oil prices up $24 a barrel last week — which comes to a 60-cent swing at the pump.
  • Meanwhile, the U.S. and European countries are eyeing a ban on Russian oil imports.

What's ahead: Don't expect prices to drop soon.

  • "Pump prices will likely continue to rise as crude prices continue to climb," AAA said in a news release.
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