Philly gas prices surpassed $4 a gallon for the first time in 14 years

Philadelphia fuel prices galloped through the $4 a gallon barrier Friday. Lawmakers call for a ban on Russian oil imports, which would likely push prices up more.

$3 gas is in the rearview mirror as fuel prices in Philadelphia soared past $4 a gallon overnight Thursday, and settled at $3.84 a gallon in New Jersey, where this photograph of a gas station attendant was taken.Read moreTOM GRALISH / Staff Photographer

by Andrew Maykuth

Published Mar. 4, 2022, 1:03 p.m. ET

The average price of gasoline in the Philadelphia area galloped to $4.05 a gallon overnight Thursday as global energy prices soared following Russia’s invasion of Ukraine, according to AAA. It was the first time since 2008 that fuel prices exceeded $4 a gallon.

The Philadelphia five-county area average price for a gallon of unleaded regular increased 13 cents overnight to $4.05, up 27 cents in the past week and up 43 cents in the past month. The price is $1.12 higher than it was a year ago.

In South Jersey, where fuel taxes are lower than Pennsylvania, the average price was $3.84 a gallon, a penny higher than the national average. In Delaware, average fuel prices settled at $3.89 a gallon, according to AAA.

Lawmakers from both parties are increasing calls to ban imports of Russian petroleum to the United States, which make up about 4% of America’s daily petroleum consumption. Cutting off that supply would likely add to upward price pressure.

Russia last year exported an average of 672,000 barrels of petroleum to the United States every day, including about 199,000 barrels of crude oil destined for U.S. refineries. Most of the imports were refined fuels or petroleum products that require further refining.

The Biden administration, whose clean-energy policies were blamed by Republicans for energy price increases before the Russian invasion, has reportedly been hesitant to direct sanctions at Russia’s energy sector out of concern for its impact on consumers.

Nevertheless, a bipartisan coalition of senators on Thursday introduced legislation to ban the importation of Russian crude oil, petroleum, petroleum products, liquefied natural gas (LNG), and coal, and called on Biden to join.

“The U.S. cannot continue to purchase more than half a million barrels of oil per day because in doing so, we are emboldening Putin to continue using his greatest weapon of war – energy exports,” said U.S. Sen Joe Manchin (D., W.Va.), the chairman of the Senate Energy and Natural Resources Committee. The cosponsor is Sen. Lisa Murkowski (R., Alaska).

A version of the bill is also being introduced in the House by Rep. Brian Fitzpatrick, a Bucks County Republican, and Rep. Josh Gottheimer, a New Jersey Democrat from Bergen County.

Prices for crude oil and gasoline will likely continue to rise for the rest of winter and into spring, AAA says. U.S. crude oil was trading above $110 per barrel on Friday, up 45% from the first of the year when crude oil was priced at $75.99.

“The effects of Russia invading Ukraine, coupled with tight worldwide oil supplies and increased demand, continue to impact the upward climb of crude oil and, in turn, gas prices,” Jana Tidwell, spokesperson for AAA Mid-Atlantic, said in a statement. “Motorists are feeling the pain at the pump and we’re still months away from the start of the peak summer driving season.”

The highest recorded gasoline price in Southeastern Pennsylvania was $4.16 on June 20, 2008, according to AAA. Adjusted for inflation, that would cost $5.33 today.

Inquirer Staff Writer Rodrigo Torrejón contributed to this article.