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Gas Spike Causes Pinch at the Pump

Russia’s invasion of Ukraine and the U.S. ban on Russian oil imports  have sent crude oil prices skyrocketing above $120 dollars a barrel, the highest price since 2008. Triple A’s Marie Dodds says in addition to the terrible human tragedy that’s unfolding, Russia is one of the top oil producers. Crude is the major ingredient in that gallon of gas and when we fill up our cars, about 53% of that price is the cost of crude oil. So when you have crude oil rocketing up, gas prices follow suit. Dodds says all 50 states are seeing dramatic increases in gas prices, hurting American families. For the week, the national average for regular jumps 54 cents to $4.17 a gallon. The Oregon average shoots up 55 cents to $4.59. In Bend, the average is $4.64, but Redmond and La Pine are seeing $4.79 for a gallon of regular. These prices eclipse the old record highs set in 2008 when the national average peaked at $4.11 on July 17th, and the Oregon average peaked at $4.29 on July 3rd.

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