Eastern Europe Pushes Already Rising Local Gas Prices
/The lack of our own energy independence and the tensions between Russia and Ukraine aren’t helping fuel prices or rising inflation in the U.S. The national average jumped up to $3.53 on Tuesday.
The Russian advance over the Ukrainian boarder was answered with sanctions on Russian banks and elites on Tuesday. Experts say Russia will likely retaliate by withholding oil, which will boost the market price as the supply won’t be able to meet the demand.
“Russia is one of the leading oil producers globally, behind only the United States and Saudi Arabia,” said Andrew Gross, AAA spokesperson. “And if they choose to withhold their oil from the global market, such a move would eventually be reflected in higher gas prices for American drivers.”
The U.S. inflation rate shot up to 7.5% in January, which is the highest it has been since February of 1982. Soaring energy costs, labor shortages, supply disruptions and a strong demand have had the largest effect on inflation. This has caused the prices of food and necessities to skyrocket, including gasoline prices, which was up by 49.6% in December.
The price per gallon in Kearney for regular unleaded was $3.14 Tuesday morning. By noon, it jumped 15 cents to $3.29. Experts are predicting even higher spikes in a few weeks due to the spring surge in gasoline prices, brought on by the change to summer gasoline, seasonal maintenance at refineries, and rising demand.
KPGZ News - Brian Watts contributed to this story