Experts: Gas prices may rise due to Ukraine, Russia tensions
CARTERVILLE, Ill. (KFVS) - You may start to pay more at the pump in the coming months because of the Ukraine and Russia tensions.
And if the U.S. steps in, that’s when one expert believes prices will rise.
“To make it relevant for people, if you do see some sort of invasion some sort of military action, your price as the pump is likely to go up because of that,” said Josh Sharp, CEO for the Illinois Fuel and Retail Association.
Sharp said the U.S. and Russia are the two biggest oil producers in the world.
“So I mean any kind of military situation in that area is the world, especially involving those two players and possibly the U.S. is going to send oil markets higher and the prices of gasoline likely higher as well,” said Sharp.
In a less than two-year span, the price of oil barrels has skyrocketed.
“I think it was April of 2020 was minus 40 dollars a barrel. Now, we’re taking prices that are 90 to 80 dollars a barrel, that’s a huge swing,” said Sharp.
Sharp said Europe will feel the price at the pump before the U.S.
“Russia oil mainly flows to Europe, Europe is going to feel this right initially way worse than the U.S. is,” he said.
But Sharp doesn’t expect the price of gasoline to instantly climb.
“I think it’s premature to say that the price of gasoline is going to shoot through the roof, there’s going to be $5 gallon gas, I don’t see that happening right away,” said Sharp.
But he said, hopefully, by this time next year drivers will be fueling up for less.
“We’re hoping to recover, hoping to put more product out there and hopefully gas prices will come down in the next year or so,” said Sharp.
According to GasBuddy.com, the average gas price in Illinois is $3.50 and in Missouri it is $3.08.
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