LYNCHBURG, Va. – On Tuesday, President Joe Biden announced a ban on all Russian oil imports in retaliation to its invasion of Ukraine. The decision doesn’t come without a cost at home, as gas prices in Virginia reach a record high.
“It’s been steadily increasing over the last few months, now at a record pace,” Caleb Towns said.
Towns filled up his tank Tuesday morning at the 76 Gas Station on Timberlake Road in Lynchburg. At that time, the price he paid was $3.99 a gallon. He said he dreads knowing this is only the beginning.
Hours later, the price of gas at 76 jumped to $4.19.
“I shudder to even think about how much it’s going to be for me to fill up,” he added.
AAA says the average price of gas in Virginia is $4.10 a gallon. That shatters the old record of $4.01, which was set back in 2008.
Tuesday’s price is up 12 cents from Monday, and 66 cents in a week.
“We’re right in the middle of this. We’re not at the end of the line,” AAA Mid-Atlantic’s Morgan Dean said. “We’re setting records and could set more records in the near future.”
Roanoke is the only metro area in the Commonwealth that hasn’t surpassed its record high. However, with the President’s latest move, that could change any time.
“Defending freedom is going to cost. It’s going to cost us well in the United States,” President Biden said. “Republicans and democrats alike understand that.”
AAA says that more than 50% of what people pay at the pump is based on the price of crude oil. That price is the highest it’s been in 13 years, reaching $127 a barrel.
“Investors have pushed up that price, concerned about global supplies of crude oil,” Dean said. “That’s why we’ve seen such dramatic jumps at the pump.”
While this sanction comes at a cost, the President says it’s necessary and that European allies will start to do the same.
There’s not much drivers can do about these prices, but there are some things they can do to help gas mileage. AAA says avoid idling, watch the speed and acceleration and get heavy items out of the car to avoid drag.