Stocks tumble as oil prices surge to $130 a barrel

Staff Report
A Shell gas station at the corner of Olympic Boulevard and Fairfax Avenue in Los Angeles on March 6, 2022, where a regular gas costs $6.99 a gallon. Gas prices are on the rise across the country, and in California, the average cost is $5.28.

Stocks started the week sliding amid a leap in oil prices, high inflation, and economic damage from Russia's war in Ukraine.

The S&P 500 fell nearly 3 percent Monday to 4,200.89, representing the worst day of trading in more than a year.

Stocks have declined for four straight weeks.

Oil surged to $130 overnight on the possibility the U.S. could bar imports from Russia.

The national average for a gallon of gas has spiked to $4.06, an increase of 62 cents from a month ago and $1.30 more than a year ago.

As the conflict between Russia and Ukraine continues, pump prices have soared across the country.

According to AAA, the national average has not been this high since July 2008. 

The Louisiana average has spiked to $3.87.

The nation’s top 10 largest weekly increases: Rhode Island (+58 cents), Nevada (+57 cents), Connecticut (+56 cents), Kentucky (+56 cents), Alabama (+56 cents), West Virginia (+55 cents), Virginia (+55 cents), Massachusetts (+54 cents), New Hampshire (+52 cents) and New Jersey (+52 cents).

The nation’s top 10 most expensive markets: California ($5.34), Hawaii ($4.69), Nevada ($4.59), Oregon ($4.51), Washington ($4.44), Alaska ($4.39), Illinois ($4.30), Connecticut ($4.28), New York ($4.26) and Pennsylvania ($4.23).