Given the unrest between Russia and Ukraine, it really was no surprise local gas prices were edging up well before the Russian invasion began Thursday.
Gas locally had hit $3.25 a gallon before the invasion. Now they are as high as $3.45 in town, although most stations are still between $3.19 and $3.25.
Kansas AAA Public and Government Affairs Manager Shawn Steward tells KVOE News geopolitical issues always have a ripple effect on commodity prices like gas.
At least for now, Russia hasn’t halted its natural gas supply. That step would disrupt gas prices even further.
Steward also detailed the different components of gas prices. Crude oil, the most volatile component, is 50 to 60 percent of the total gas price, and those have shot up from $60 a barrel last year to around $100 a barrel over the past week. Taxes by themselves account for 42 cents of the price at the pump, considering state and federal tax levels — and not counting sales or local taxes. Costs for refining, distributing and marketing are also included.
