Alaska North Slope crude oil is now priced at over $116 per barrel, after jumping by $7.54 late last week.
Prices are soaring with global tensions over Russia’s war on Ukraine, and as buyers start turning away from Russian oil exports. Last week, U.S. oil topped $110 per barrel for the first time in over 10 years, and in Sunday night trading, the price for Brent was over $130 a barrel.
Gasoline prices in Alaska are well over $4 a gallon as of Sunday ($4.25 Anchorage, $4.63 Willow, $4.20 Fairbanks). Check gas prices here.
Several lawmakers in Congress are advocating a ban on Russian oil imports, and the market is responding this weekend, with gas prices rising at the fastest pace ever recorded.
Futures prices are rising for oil contracts for March of 2023, which are now bringing in $84.53.
“…developments in the Ukraine-Russia conflict and new sanctions placed on Russia over the weekend contributed to an increase in the Brent price on February 28. Subsequent news about Russia’s further invasion has had significant effects on crude oil trading throughout the past week,” the Energy Information Administration reported Friday night, before the prices spiked even more on Sunday.
