The ongoing Russian invasion of Ukraine is causing significant global repercussions. As one of the major fuel suppliers worldwide, Russia supplies gas to many developed nations. In response to their aggression towards Ukraine, several countries have imposed harsh sanctions on the Russian fuel industry and halted the transportation of fuel through Russian-owned pipelines.
Unfortunately, while these sanctions are hurting the Russian economy, the limited access to fuel is causing fuel prices to surge globally. In the United States, the average cost of a gallon of gasoline at typical gas stations has crossed the $4 mark as of Sunday afternoon. The current national gas price record stands at $4.11, set during the 2008 recession, and analysts predict that we may surpass that record in the coming months.
“GasBuddy anticipates that gasoline prices will keep rising in the coming days, potentially reaching a new all-time high soon and continuing to climb throughout the summer,” the fuel-saving app stated in a public announcement.
U.S. gasoline prices soar to highest since 2008 on Russia conflict -AAA https://t.co/eTu7esxLUm pic.twitter.com/tFi0EeJdkF
— Reuters (March 7, 2022)
Currently, California has the highest gas prices in the U.S., averaging at $5.28 per gallon, with certain stations in major cities like Los Angeles charging as much as $6.99 per gallon.
Image Source: Focused Adventures / Shutterstock
