Will gas prices keep rising? Here’s everything we know

  • Home
  • Economy
  • Will gas prices keep rising? Here’s everything we know

Already rising gas prices are expected to climb higher after Russia invaded Ukraine. A senior Defense official told USA TODAY Russia has massed all the forces to launch a full-scale invasion of Ukraine.

After Russian President Vladimir Putin sent troops to regions in eastern Ukraine, President Joe Biden announced sanctions against Russia for a “flagrant violation of international law.”

As of Wednesday, the national average gas price in the U.S. is $3.54, according to AAA, up from $2.65 just a year ago. And experts project gas prices could top $4.

Here’s everything we know about the rise in gas prices.

Woman refueling her car at a gas station.

INFLATION AND GAS PRICES:Russia’s invasion of Ukraine could push both higher.

$4 A GALLON FOR GAS? Russia’s invasion of Ukraine will only add fuel to the fire of high gas prices

Why are gas prices going up?

Experts fear the conflict between Russia and Ukraine could disrupt oil supplies in the region, which would lead to a bump in gas prices. Russia is the second-largest oil producer in the world, behind the U.S., said Tom Kloza, chief global analyst for the Oil Price Information Service.

Source link

Leave A Comment

Chinese (Simplified)EnglishFrenchItalianPortugueseRussianSpanish