Russia’s attacks on Ukraine are already impacting oil prices, which will undoubtedly affect the cost of gasoline, which has already been increasing in recent times, with this situation, they will undoubtedly rise more, that’s why it’s important that you start to moderate your gasoline consumption.
And it is that experts have warned of the imminent risks that exist in terms of the increase in the price of gasoline and some groceries especially wheat.
Rise in the price of gasoline
Analysts highlight the role of Russia as one of the main producers of oil and gas worldwide, and the effects that it could have if the flow of fuel is interrupted, since it would cause the increase in gasoline prices in the United States.
And not only the United States would be affected, but especially in those countries that require imported oil.
Some experts estimate that the price of gasoline in the country could increase up to $. dollars per gallon, indicates the site Tampa Hoy.
While the experts consulted by the Los Angeles Times believe that very soon, in some places the price of a gallon of gasoline could exceed $5 dollars.
The average price per gallon of gasoline is $3.531, according to figures released by the American Automobile Association (AMA).
Although in California the gallon is $4.742 dollars, on average, the Los Angeles Times highlights.
Russia attacks Ukraine
On Wednesday night, Russian President Valdimir Putin announced the start of what he called a “special military operation” in Ukraine, and of Stock markets immediately began to react negatively.
Markets fall and oil soars
In the early hours of this Thursday the price of a barrel of Brent crude exceeded $100 dollars, which increased the concern of economists.
This significant rise in the The price of oil, which has not been registered since September 2017, will undoubtedly put pressure on the rise in gasoline.
This situation will undoubtedly affect the pockets of citizens, so it is important that you start planning and managing gasoline consumption from now on and avoid moving your car if it is not necessary.
Oil would reach $150 dollars per barrel
But the concerns do not stop there, since this tension in the international community could shoot up the price of a barrel of oil to $150 dollars , according to JPMorgan estimates.
Another factor that can affect the price of gasoline is the sanctions imposed by the United States on the Russian government, which were announced this Thursday by President Joe Biden.
Russia in the energy market
Speaking in numbers, Russia ranks as the third largest oil producer in the world and is in turn one of the the main exporters of natural gas, according to a report dating from 2020, from the United States Energy Information Administration.
You can also read:
–Russia Ukraine conflict: Nasdaq and Dow Jones collapse
– Attack on Ukraine: Barrel of oil exceeds $100 dollars, the highest level in the last 7 years
-USA. expels Russia’s second highest ranking diplomatic official
– Biden: “Putin chose this war… he and his country will face the consequences”; severe sanctions on Russia for invading Ukraine