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Gas Prices Could Rise Even Higher

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Gas prices are at their highest in more than seven years. And with 1tensions rising between Russia and Ukraine, things could get worse.

“The last time I 2filled it up was about 110.”

Prices in California hit a record last week but the pain at the pump is being felt nationwide. Gas prices have been 3surging for 14 months with global demand for oil back to pre-pandemic levels. According to AAA, the national average for gasoline was $3.53 a gallon. That’s up 20 cents in the past month.

“The global 4oil supply is still kind of tight and then you have this, this 5uncertainty about what’s gonna happen with Russia and Ukraine and that 6throws a lot of other uncertainty into the mix.”

Russia is one of the world’s largest 7oil producers. And if the crisis 8escalates, some experts fear Russia could 9cut off natural gas exports 10in retaliation for 11sanctions by the US and the European Union. If that happens, the 12absence of a major oil exporter like Russia could increase global demand for oil from other countries, which could impact retail prices here at home.

“If we were to see Russia 13potentially 14withhold energy exports, the question would be who could 15make up for that?”

President Biden pledging to use every tool available to limit gas price hikes as his administration faces pressure to dip back into the 16strategic petroleum reserve. Back in November, they announced the largest-ever release of emergency crude oil from that supply.

“I want to 17limit the pain to the American people are feeling at the gas pump. This is critical to me.”

Article from: https://cnn.ybmnet.co.kr/cnn_class/2350