- Russia’s Invasion of Ukraine Is Causing Pressure
- Gasoline Prices Will Continue To Rise In The Days, Says Expert
EKO HOT BLOG reports that for the first time, the national average price for gas has topped $4 per gallon.
The rising cost of gas in recent weeks comes as Russia’s invasion of Ukraine has applied pressure on global oil markets.
Read Also:
https://ekohotblog2.com/2022/01/27/nnpc-nigerias-oil-industry/
Patrick De Haan, head of petroleum analysis at fuel-savings app GasBuddy, revealed in a tweet that the national average could reach up to $4.10 by Tuesday, adding to the possibility the record could be broken by the end of the week.
“American and (European Union) sanctions are having a severe impact on Russia’s ability to sell crude oil, thus crude prices have skyrocketed,” De Haan told USA TODAY.
The record high for the national average is $4.11, set on July 17, 2008, according to AAA.
As of Sunday afternoon, the national average of a formal gallon of gas was $4.009, according to AAA. That’s up 8 cents from Saturday and up 40 cents from last week. The U.S. hit the $4 national average a day earlier than analysts expected.
GasBuddy’s 2022 gasoline forecast predicts the average price of gas will reach $4.25 by May and will remain over $4 likely until November.
“GasBuddy expects that gasoline prices will continue to rise in the days ahead, and could be just days away from setting a new record high and continuing to rise through summer,” the company said.
The average cost is also the highest since May 2011, when it was $3.90, according to the U.S. Energy Information Administration.
You May Also Like:
https://ekohotblog2.com/2022/01/25/africa-richest-people/
Click to watch our video of the week: