Gas prices increase along with rising cost of oil

CONCORD, N.C. (WBTV) – The standoff at the border of Ukraine and Russia is thousands of miles away, but it is impacting the Carolinas in terms of how much people are paying for gas.

Along U.S. 29 in Concord, there are several gas stations. One was showing the price of a gallon of regular gas as being $3.39 early Thursday morning.

That cost, of course, is based on the cost of oil.

Right now, a barrel of crude oil is about $90; that’s the highest it’s been since 2014. JP Morgan projects that price could soar to $120 a barrel if the conflict derails Russia’s crude exports.

Such a spike would drive up prices at the pump, which hit a fresh seven-year high on Wednesday.

Russia is the world’s No. 2 producer of both oil and natural gas, second only to the United States for each category.

An overnight check of AAA Carolinas found the average price for gas in the Charlotte area is at $3.29 a gallon. One week ago, it was $3.17, and a month ago it was $3.06.