At 2:43 p.m. Thursday, Ron’s Sunoco Services Center in Covington was selling gas for $3.29 per gallon. It will presumably raise higher in the coming weeks as Americans are preparing for more economic uncertainty.
Across the region, Northern Kentuckians are feeling the effects of rising gas prices in their wallets as the world’s geopolitical landscape teeters amid tensions between Russia and Ukraine.
According to the AAA Gas Prices index, the average price for a regular grade gallon of gas in Boone, Kenton and Campbell counties comes out to $3.26. Campbell has the highest average gas price out of the three at $3.28 a gallon. If you include the region’s surrounding rural counties, Pendleton has the highest gas prices in Northern Kentucky at $3.29 a gallon.
For the state of Kentucky as a whole, the average price for a gallon of gas is $3.22. In Kentucky, average gas prices are up $.72 from the state average of $2.50 one year ago. The national average price per gallon has risen over $.90. Kentucky is below the current national average of $3.54.
For premium gasolines and diesel fuel, the price per gallon is even higher. In Kentucky, the average price for a gallon of diesel is $3.80 and $3.86 for a gallon of premium gas.
Nationally, the average gas price per gallon for the months of January and February are much higher compared to the same time frame in 2019, 2020 and 2021. The state of Ohio has seen a $.10 increase to their average price per gallon.
Why is this happening?
This week, Russia invaded Ukraine, their neighboring country to the west. Ukraine is an ally of the United States and NATO.
As the West responds with economic sanctions, fear is mounting that Vladimir Putin and Russia will retaliate against the economic sanctions by withholding their oil from the world market. Russia is one of the largest oil producers in the world along with the United States and Saudi Arabia.
The world oil market was already tight due to rising inflation and high demand. Countries around the world are struggling to meet rising demand brought on by a global easing COVID-19 restrictions.
Experts predict prices could reach as high as $4.00 a gallon in states like California and Hawaii.
Kentucky Gov. Andy Beshear said Thursday that Americans will be “called upon to endure” rising prices.
“Today we are waking up to the news that Russia has engaged in a full fledged invasion of the Ukraine,” Beshear said. “This unprovoked attack is reverberating around the world with all of us deeply concerned.
“Thankfully, champions of democracy and the rule of law have come together to impose the most severe sanctions that we’ve ever seen. These are aimed at wrecking the Russian economy and thus stopping the aggression.
“We will feel some of this here in Kentucky. While we will not have our sons and daughters on the ground as troops in the Ukraine, we will be called upon to endure. Things like higher gas prices. This is a small price to pay to stop an act of aggression thought I do understand we will all feel it.
“What I ask is that this be a time of unity. This should be a reminder that we have real enemies overseas that want to harm us and others and that we are not each other’s enemies. It’s time for America to be united. Every single one of us against this external threat. We are tough enough. We’ve proven it in the last couple of years. We can take on whatever is out there but we must resolute. Now’s the time for patriotism. Thank you.”
